Get ready to save more in 2022! The Internal Revenue Service (IRS) announced new contribution limits for Roth IRA’s, 401(k)s and more for next year.
The contribution limit for workplace retirement accounts such as 401(k)s and 403(b)s increased $1,000, making the new limit $20,500. Catch-up contributions will remain at $6,500.
Eligibility for Roth IRA contributions has increased as well. These have bumped up to between $129,000 to $144,000 for single filers and heads of households, and $204,000 to $214,000 for anyone filing jointly as married couples.
Another increase will be for Savings Incentive Match Plans for Employees (SIMPLE IRAs). They’re increasing $500 from $13,500 to $14,000.
Traditional Individual Retirement Accounts (IRAs) contributions limits will remain the same in 2022 at $6,000.
If you have any questions on how these new limits may apply to your retirement strategy, contact the Premier team. We’re here to help!
Written by: Jen Marlin
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