The IRS released their revised 2022 Contribution Limits for Retirement Plans, which is something every individual or retirement plan sponsor should be aware of.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan (TSP) increased to $20,500. Limits on contributions to Traditional IRA and Roth IRAs remains unchanged at $6,000. Over Age 50+ catch-ups also remain the same across the board.
Sandbox Financial Partners created this 2022 Contribution Limits for Retirement Plans chart for educational and informational purposes only. It is not intended as ERISA, tax, legal or investment advice. For a deeper conversation on these issues, please contact Sandbox Financial Partners directly at 301.214.4190 or info@SandboxFP.com or click on the link below.