2022 Contribution Limits
The Internal Revenue Service announced higher retirement plan contribution limits for 2022. The amount employees are eligible to contribute to a 401(k), 403(b), and most 457 plans will increase from the annual limit of $19,500 in 2021 to $20,500 in 2022. The $6,500 catch-up contribution limit for people age 50 and older will remain unchanged for next year. Employee contribution limits to a SIMPLE plan will increase from $13,500 to $14,000 per year. One item that did not change is the annual limit for contributions to a Traditional or Roth IRA account. Annual contribution limits will remain at $6,000 plus $1,000 catch-up for people age 50 and older.
Additional details regarding 2022 updates can be found on the IRS website.