2022 Contribution Limits
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.
If you would like to discuss your current retirement savings or any other retirement planning questions, please contact us at (248) 556-2900. We would be happy to speak with you regarding your specific situation.