IRS increases 401(k) contribution limit for 2022 but leaves IRA max unchanged
November 5, 2021
Keeping 401k fees low for small businesses
Keeping 401k fees low
Workers will be able to set aside more money for their 401(k) plans in 2022, the Internal Revenue Service announced on Thursday.
The employee contribution limit for 401(k) plans is increasing to $20,500 next year, a $1,000 increase from this year's maximum of $19,500. The higher limit also applies to employees with 403(b), most 457 and Thrift savings plans, the IRS said. Other basic limits, such as the additional catch-up contribution of $6,500 for anyone over the age of 50, remain unchanged.