The Internal Revenue Service released the annual limits for contributions to retirement plans in 2022.
401(k), 403(b), most 457s, and Thrift Savings plans
The annual contribution limit for 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings plan will increase from $19,500 for 2021 to $20,500 for 2022.
The catch-up amount that individuals aged 50 and over can contribute to their 401(k), 403(b), most 457 plans, or the federal government’s Thrift Savings plan remains at $6,500 for 2022.
IRAs
The annual contribution limit for IRAs will remain at $6,000 for 2022 with the additional catch-up contribution amount for individuals aged 50 and over also remaining at $1,000 for 2022.