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Written by: Ashley Perlmutter
Happy November everyone! New retirement inflation-adjustments for 2022 have been released, and we want to provide you with a quick breakdown. Business owners and employees, this one applies to you, so don’t miss it.
See Below For Retirement Inflation-Adjustments for 2022
- IRA/Roth IRA contribution: $6,000 (no change)
- 401k/403(b)/457 deferral: $20,500 ($1,000 increase)
- 401k/403b/457 catch-up: $6,500 (no change)
- SEP IRA/PSP: $61,000 ($3,000 increase)
- SIMPLE deferral: $14,000 ($500 increase)
- SIMPLE catch-up: $3,000 (no change)
- Also boosted for 2022: The income ranges for determining eligibility to make deductible contributions to traditional IRAs, Roth IRAs.
- IRS also issued technical guidance regarding all of the cost of living adjustments
Related: What to Know About 2021 RMDs