The theme this week on the Retirement Quick Tips Podcast is: Best Retirement Savings Accounts in 2022...And How To Fund Each One. I’m talking about which accounts you’ll want to max out first, which accounts should be lower on the priority list and in which order you’ll want to save in each one.

Yesterday, I talked about prioritizing your health savings account contribution first for long-term retirement savings. Once you’ve checked the HSA box, which account comes next? 

Your workplace retirement savings account comes next. Whether it’s a 401k, 403b, SEP IRA, SIMPLE IRA, or some type of state or federal government savings plan, hopefully you have access to a retirement savings plan through your work. 

At a minimum, you’ll want to save at least enough to maximize your employer match. So make sure you know what the minimum contribution is for you to maximize your employer’s match.

• Common safe harbor match formula 
• Example of multiplying your savings with the employer match layered on
• Ideally, if you can max out your retirement savings accounts, you’ll want to do that before you look at saving in your IRA or a taxable account
• Max contribution for 401k = $20,500 in 2022 with an additional $6,500 catch up if you’re over 50
• Consider at least a portion into a Roth too, especially if you have most of your retirement investment portfolio in pre-tax or traditional 401k or IRA accounts

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance