The Internal Revenue Service recently announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.
The specific details of the limits and their changes are listed in the table below. If you have any questions or would like more information about retirement accounts, feel free to reach out to your HCM Advisor today.
| Retirement Plan Type | 2021 Contributions | 2022 Contributions | Age 50+ Catch-Up |
|---|---|---|---|
| 401(k), 403(b), and most 457
|
$19,500 | $20,500 | +$6,500 |
| Traditional IRA
|
$6,000 | $6,000 | +$1,000 |
| Roth IRA
|
$6,000 | $6,000 | +$1,000 |
| SEP IRA
|
$58,000 | $61,000 | N/A |
| Health Savings Accounts (Individual)
|
$3,600 | $3,650 | $1,000* |
| Health Savings Accounts (Married) | $7,200 | $7,300 | $1,000* |
*HSA catch-up contributions are allowed for individuals 55 years of age and older.