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 $6,500. Thus, in 2022, an employee participating in one of these workplace plans who is at least 50 years old can defer $27,000 to their account. More information can be found here.