POAM Members 2022 Retirement Plan Contribution Limits

Retirement Contribution Limits Changed

457(B), 403(B), & THRIFT SAVINGS PLANS.

The retirement contribution limit for employees who participate in a 457(b) plan, 403(b) plan, or the federal government’s Thrift Savings Plan is $20,500 in 2022 (up from $19,500 in 2021).

CATCH-UP CONTRIBUTIONS.

The catch-up contribution limit for individuals age 50+ remains $6,500 in 2022 (same as in 2021).

DEFINED CONTRIBUTION PLANS IN TOTAL.

The total contribution limit for defined contribution plans is $61,000 in 2022 (up from $58,000 in 2021).

IRAs.

The contribution limit to an Individual Retirement Account (IRA) is $6,000 in 2022 (same as in 2021).

FOR ADDITIONAL DETAILS

Read the IRS’ full announcement or see the full document below.

RESOLVE TO SAVE MORE IN 2022.

Contact

If you have any questions or comments about increasing your retirement plan contribution limits or the Retirement Plan Advisors, please contact Matthew Martin, CFP, Certified Financial Planner:

• Phone: 248.767.3828
• Email: mmartin@retirementplanadvisors.com