Increased Contribution Limits for Retirement Plans in 2022
The Internal Revenue Service announced on November 4, 2022, increased contribution amounts for 401(k), 403(b), the federal government’s Thrift Savings Plan and most 457 plans. Employees will be able to contribute $20,500 to their plans in 2022, up from $19,500 in 2021. The additional catch-up contribution for workers age 50 and older is unchanged at […]