The IRS announced recently that the amount individuals can contribute to their corporate retirement plans (401(k), 403(b), 457(b), etc). in 2022 has officially increased to $20,500. This is a $1,000 increase from 2021, and 2020. Catch-up deposits for savers 50 and older will still remain at $6,500, for a total employee contribution limit for those 50 and older of $27,000 in 2022.
Do you have questions about how much you're saving, whether you're on track to reach your retirement goals, or about any other personal financial planning topic? Please Schedule a 1:1 with a member of our Participant Advice team, at no additional cost to you!