One of the most important aspects of retirement planning is saving your money for your future. Of the various ways to do this, investing in a retirement plan is one of the best. So, how much can you save in a retirement plan in 2022? Here’s the breakdown:
The IRS has just released the contribution and benefit limits on pension plans and other retirement items for the 2022 tax year. These changes, published in Notice 2021-61, have increased contribution limits for 401(k), 403(b) and most 457 retirement plans options giving individuals more opportunity to save for their future.
Limits to contributions into a 401(k), 403(b), and most 457 Plans have been increased to $20,500.
Catch-up contributions for 401(k), 403(b), and most 457 Plans remains unchanged at $6,500 annually.
The limits for those contributing to an Individual Retirement Account (IRA) have remained the same at $6,000.
To see the updated limits and terms on all retirement plan types, review the IRS Notice 2021-61 here.
If you have any additional questions regarding the 2022 contribution limits, please contact ADMIN Partners at [email protected] or at 877-484-4400.