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2022 New Contribution Limits

November 17, 2021
On November 4th the Internal Revenue Service (IRS) released the new contribution limits for the 2022 calendar year. Many limits increased including those for 403(b), 401(k), and 457(b) Plans, with a new maximum amount of $20,500 annually. However, while the base limit increased, the “catch up” provision for those over age 50 remains at $6,500. In other words, a 50-year-old could contribute a total of $27,000 toward their 403(b) plan.
IRA and Roth IRA limits remain unchanged at $6,000 annually; the catch-up also remains at $1,000.