The IRS Announces 2022 Retirement Contribution Limits
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The IRS recently announced the retirement plan contribution limit adjustments for 2022. These adjustments are made annually to reflect changes in the cost of living. Here is an outline of the changes and noteworthy increases you can expect in the upcoming year.
Changes
401(k), Roth 401(k), and 403(b)
Increase: +$1,000
2022: $20,500 limit
2021: $19,500 limit
Roth 401(k), and 403(b) Catch-Up Contributions
Increase: none
2022: $6,500 limit
2021: $6,500 limit
3% Safe Harbor Non-Elective Contribution Maximum
Increase: +$450
2022: $9,150
2021: $8,700
4% Safe Harbor Match Contribution Maximum
Increase: +$600
2022: $12,200
2021: $11,600
Annual Contribution Limit
Increase: +$3,000
2022: $61,000
2021: $58,000
Annual Contribution Limit, Including Catch-Up Contributions
Increase: +$3,000
2022: $67,500
2021: $64,500
SIMPLE IRA Elective Deferrals
Increase: +$500
2022: $14,000
2021: $13,500
SIMPLE IRA Catch-Up Contributions
Increase: none
2022: $3,000
2021: $3,000
Traditional IRA and Roth IRA Contributions
Increase: none
2022: $6,000
2021: $6,000
Traditional IRA and Roth IRA Contributions
Increase: none
2022: $6,000
2021: $6,000
IRA Catch-Up Contributions
Increase: none
2022: $1,000
2021: $1,000
Maximum Plan Compensation
Increase: +$15,000
2022: $305,000
2021: $290,000
Social Security Wage Base
Increase: +$4,200
2022: $147,000
2021: $142,800
Questions
Have questions about how these changes could affect your plan for retirement? Our experts are here to help. Contact Us.