IRS increases 401(k) contribution limits

Workers will be able to contribute more to their 401(k) plans next year according to new limits announced by the Internal Revenue Service (IRS). The IRS increased the contribution limit to qualified retirement pans to $20,500 in 2022, up from the current limit of $19,500. Workers age 50 and older will be able to contribute a maximum of $27,000 to their plan as the catch-up contribution rises to $6,500. The contribution levels to individual retirement accounts were not changed.

Leave a Reply

Your email address will not be published. Required fields are marked *