Last month, the Internal Revenue Service (IRS) announced that the 2022 employee contribution limit to 401(k) plans has been raised to $20,500, an increase from $19,500 for 2021 and 2020. People aged 50 and older may contribute a catch-up of $6,500 to 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. The 2022 IRA limit remains unchanged at $6,000.
If you have questions about the increased 401(k) contribution limit, please contact Fred Parker or Nicole Gardner.