2022 Contribution LimitsSubmitted by Bernard Wealth Management on November 23rd, 2021
The IRS has released the updated contribution limits for 2022. The contribution limits on Traditional and Roth IRAs have remained the same at $6,000 with the ability to make an additional catch-up contribution of $1,000 for those over the age of 50. However, participants in many employer-sponsored retirement plans such as 401(k)s, 403(b)s, and most 457 plans are able to increase their contributions as the limit has increased from $19,500 to $20,500. Participants over the age of 50 can also make a catch-up contribution of $6,500. Further information can be found here.
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