To kick off 2022, I’ve compiled a list of the major dates if you’re nearing or in retirement this year.
January 1 to March 31 is an important time for both original Medicare and Medicare Advantage.
For original Medicare, it marked the start of the general enrollment period. If you didn’t sign up for Medicare when you turned 65 or at another point during a special enrollment period, now’s the time to do it. Your Medicare coverage will take effect on July 1, 2022.
If you’re a Medicare Advantage beneficiary, you can either switch to original Medicare or select a different Advantage plan during this window.
If you’re a Social Security recipient, January 1 was the start of a number of changes, including a 5.9% cost of living adjustment and increases to maximum taxable income, full retirement age and annual earnings.
April 1 isn’t just April Fool’s Day. It’s the deadline for your very first required minimum distribution (RMD) from your traditional IRA or pretax employer retirement plan if you turned 72 last year and didn’t already take an RMD in 2021. (Note that your annual RMD deadline for every year hereafter will be December 31.)
If you’re contributing to a grandchild’s college savings, April 15 is the last day to claim a deduction in Oklahoma, Georgia, Mississippi, Wisconsin, and South Carolina. For Iowa, the deadline is April 30.
April 18 is the filing deadline for 2021 taxes and 2021 tax extension forms. It’s also the deadline to make 2021 contributions to your IRA. If you’re a resident or business owner in an area that was directly affected by Hurricane Ida (parts of New York, New Jersey, Mississippi and Louisiana) or by the Kentucky tornadoes in December 2021, you may be eligible for a tax filing extension. Check with the IRS here to see if you’re eligible.
By September 30, you will have received your annual notice from Medicare regarding any changes that will take effect in 2023 to benefits and premiums for Part D (drug) or Medicare Advantage plans.
October is an important month. The 15th is the filing deadline for your 2021 taxes if you opted to take an extension. I hope that you paid any taxes that you owed already (that deadline was back on April 18).
It’s also the first day of Medicare’s annual open enrollment period, which runs until December 7. During this time, you may switch your coverage from an original Medicare plan to a Medicare Advantage plan—or you may elect a new Advantage plan or Part D coverage.
December is also a busy month. First, if you have an RMD to take, many experts recommend doing so by the fifteenth of this month to ensure that you don’t miss the 12/31 cutoff and pay a hefty penalty.
If you wish to make a qualified charitable distribution (QCD)—which also counts toward your annual RMD—you should also try to have it wrapped up by mid-month.
Finally, you have until the last business day of December to make some last-minute tax-saving moves. These include Roth IRA conversions, donations to charity, extra contributions to your retirement plan, and tax-loss harvesting. It is also the deadline to claim a 529 plan deduction in Washington, DC and 28 other states not named back in April.
Now’s the best time to get your financial house in order for 2022. If you’ve never worked with a financial advisor, here’s your chance to get professional guidance. Click here to schedule a free, no-obligation appointment.
Alli Thomas has worked in the financial services industry for nearly 20 years, with a focus on retirement-related investing. She began her career as a FINRA-licensed participant-services call-center associate at Vanguard, and then moved to Principal Financial Group, where she worked closely with employers, assisting with retirement plan set-up and design, selecting appropriate plan investment offerings, and maximizing employee participation through targeted education campaigns and enrollment meetings. Alli has also worked as a qualified 401(k)administrator and registered investment advisor for several small investment firms. She now writes about all things investment- and finance-related, leveraging her extensive experience and passion for retirement planning to help investors make well-informed financial decisions.