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2022 New Contribution Limits

November 17, 2021
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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.