it’s hard to believe that 2021 is nearly over time seems to go faster and faster doesn’t it and now that 2022 is upon us retirees and americans who are still working and saving for retirement should be aware of some data points that may come in handy in the new year 20500 that’s how much the internal revenue service says individuals can contribute to their 401k plans in 2022 that’s up from 19500 for 2021 and 2020 27000 what participants in 401k 403b most 457 plans and the federal government’s thrift savings plan who are 50 and older can contribute in 2022 3000 the catchup contribution limit for employees aged 50 and over who participate in simple plans this is unchanged from 2021 6000 that’s the limit on annual contributions to an ira for 2022 unchanged from 2021 the socalled “catchup contribution” limit for individuals aged 50 and over remains 1000 6500 the catchup contribution limit for employees aged 50 and over who participate in 401k 403b most 457 plans as well as the federal government’s thrift savings plan for more on savings limits in 2022 please visit this irs website read the grim inflation outcome and what retirees can do 59 that’s how much social security benefits are going up in 2022 after the biggest cost of living increase in four decades 68 the current rate of inflation based on the november consumer price index cpi 164674 the projected monthly benefit for social security recipients beginning in january 26 to 1 the approximate number of working americans per each social security recipient this is a key figure because the lower the ratio the greater the financial burden on workers—who may face higher taxes in the years ahead to support the surging number of retirees adding pressure here the lowest us birthrate in decades and a sharp decline in legal immigration since 2017 2034 this when the social security trust fund is projected to run dry according to the latest estimate by the social security trustees 22 this is how much social security benefits may have to be cut in 2034 if the social security trust fun runs dry according to the latest estimate by the social security trustees for more social security data please visit this social security administration website obsessed with retirement read more coverage here 17010 the standard monthly premium for enrollees in medicare part b which provides outpatientmedical coverage this is an increase of 2160 or 145 from 2020’s monthly figure of 14850 these figures could change depending on your monthly income more information on this here 233 the annual deductible for all medicare part b beneficiaries in 2022 this is an increase of 30 or 147 from 2021’s annual deductible of 203 43 the estimated average monthly premium for medicare part d which covers stand alone drug plans according to a recent estimate by the kaiser family foundation 7 to 99 the range of average monthly premiums for the 16 national prescription drug plans pdps in 2022 according to a recent estimate by the kaiser family foundation 480 the standard maximum deductible for most part d enrollees in 2022 according to kaiser 1556 the inpatient hospital deductible for the first 60 days of a hospital stay per medicare part a this is an increase of 72 or 48 from 2021 2523 the monthly income limit before taxes and medicare and health insurance premiums are deducted that allows someone to take advantage of medicaid’s long term care medicaid recipients must also have less than 2000 of countable assets a home is exempt to a certain limit as long as the applicant is living in it 65 the projected cost increase to care for patients in 2022 according to an estimate by pwc’s health research institute that’s onehalf of a percentage point lower than 2021 which saw healthcare spending rise because of the covid19 pandemic typically healthcare providers will pass much if not all of this cost along to patients 300000 what a couple who retired in 2021 at age 65 can expect to spend on healthcare out of pocket over the remainder of their lives according to an annual estimate by fidelity investments given the projected increases in a variety of healthcare spending we’ve seen in 2021 the expectation is that this figure will jump when the next estimate comes out in the spring that 300000 figure is up 30 in a decade the bostonbased investment giant says these figures were daunting even before the pandemic and global supplychain snafus pushed inflation up on top of rising healthcare costs seniors are struggling with inflation that at least for now is pushing rents groceries energy bills and more higher the new year may offer little respite and to be frank may mean a downward adjustment in living standards for those still working the advice here is the same it has always been save save save then save some more according to the transamerica center for retirement studies the median savings for americans in their 50s is 117000 median means half have less than even this modest amount then consider the current inflation rate—the consumerprice index—of 68 that effectively makes that 117 grand worth 109000 inflation can chomp away at purchasing power in a dramatic way if you can keep working consider doing so i want to hear from you how are you coping with inflation send me an email retirebettermarketwatchgmailcom