2022 Contribution Limits Including "Catch-Up" Contributions
With the new year comes new contribution limits. For retirement plans and HSA accounts, these limits have increased for 2022. Also, a number that will become vitally important to you is the “catch-up” contribution.
In the year you turn 50, you can increase your contribution amount into Retirement Plans and IRAs. This additional allowed amount is called a “catch-up” contribution. This increase in contribution limits can play a key role in saving for retirement. Each year the IRS reviews these limits and potentially adjusts them based on inflation for each year. Please see below the chart identifying Retirement Plan and IRA amounts for 2022.
|
2022 Annual Dollar Limit |
2022 “Catch-up” Limit |
2022 Max Contribution Amount |
|
|
IRA |
$6,000 |
$1,000 |
$7,000 |
|
401(k) / 403(b) / 457(b) |
$20,500 |
$6,500 |
$27,000 |
|
SIMPLE Plans |
$14,000 |
$3,000 |
$17,000 |
HSA accounts should be discussed separately as the amounts and timing differ from Retirement Plans and IRA Limits. “Catch-up” contributions for HSA accounts begin when you turn 55. Please see below the chart identifying HSA contribution amounts for 2022.
|
2022 Annual Dollar Limit |
2022 “Catch-up” Limit |
2022 Max Contribution Amount |
|
|
HSA |
$3,650 (individual) $7,300 (family) |
$1,000 |
$4,650 (individual) $7,300 (family) |
The attached piece also provides more information. Should you have any follow-up questions, we would enjoy discussing them with you. Feel free to give us a call at 678-989-0048 or visit our website at www.striblingwhalen.com.
Regards,
Warren D. Stribling, IV, CFP®
Principal
warren.stribling@striblingwhalen.com
Brian E. Whalen, CFP®, CIMA®, AIF®
Principal
brian.whalen@striblingwhalen.com
Jacob Beauchamp, AAMS®
Financial Advisor
jacob.beauchamp@striblingwhalen.com
