IRA Limits Won't Rise in 2022 -- Here's How You Can Still Save More for Retirement

Saving for retirement in a tax-advantaged account like an IRA or 401(k) has some real benefits. If you put money into a Traditional IRA or 401(k), your contributions will go in tax-free, shielding a chunk of your earnings from the IRS. Plus, your investment gains will be tax-deferred, so you won't owe the IRS its cut until you start making withdrawals in retirement.

Roth IRAs and Roth 401(k)s, by contrast, don't offer up-front tax breaks on contributions. But what they do offer are tax-free gains on the assets in your account and tax-free withdrawals during retirement.

One of the notable downsides with all of these types of accounts, though, is that you can't just contribute as much as you want. There are limits as to how much money you can add to them each year. And each year, the government reviews those limits, and regularly adjusts them for inflation.

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Source Fool.com