A 30-second read by James Suazo, ChFC®: As of January 1, 2022, the retirement plan contribution limit has been increased to $20,500. Plans include 401(k)s, 403(b)s and most 457 plans, as well as the federal government’s Thrift Saving Plan.
Please note that contribution limits to Traditional and Roth IRAs remain unchanged at $6,000 ($7,000 if you are age 50 or older).
You can learn more about how we help with retirement planning here. Contact us if you would like to discuss your specific retirement needs.
As always, please reach out to your tax-planning professional for advice for your specific tax situation.
You can find out more information on IRAs and retirement plans for 2022 at these IRS websites:
Disclosure: This is a general communication being provided for informational purposes only. Past performance is no guarantee of future results. Every investment strategy has the potential for profit or loss. This material is not intended to be relied upon as a forecast, research, tax or investment advice. Please consult your tax planning professional for personal tax advice.