2022 RETIREMENT ACCOUNT CONTRIBUTION LIMITS ANNOUNCED
SUMMARY
The IRS has just announced the 2022 contribution limits for retirement accounts.
THE INFLUENCE OF INFLATION
Given the inflation seen in 2021 (for example, the Social Security annual cost-of-living adjustment for 2022, which is based on inflation numbers, is an astonishing 5.9%), the IRS has raised the limits on contributions to most retirement plans. Unfortunately, there will be no increase in either traditional or Roth IRA contribution limits for 2022.
2022 contribution limits as announced by the IRS.
CONTRIBUTION CONSIDERATIONS
Annual contributions to any of the abovementioned accounts must be made while earning an income greater than or equal to your contribution. Keep in mind that some accounts also have income limits that could affect your eligibility to participate. If you’re over age 50, you can make catch-up contributions to certain types of accounts, including 401(k)s and IRAs (excluding SEP IRAs).
If you have questions about your contributions, it’s time to talk to Day Hagan.
Natalie Brown, CFP®
Director of Client Services
Day Hagan Private Wealth
—Written 11.05.2021.
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