top of page

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.


Join Our Mailing List

Never Miss An Update

If you would like to learn more about West Financial Advisors, LLC or any of our firm's blog posts, please visit our home page or contact us directly. 

bottom of page