IRS Announces 2022 Retirement Plan Limits | Lord Abbett
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Retirement Perspectives

Participants will be able contribute more to their 401(k) in 2022.

 

The IRS has increased contribution limits and income thresholds for some retirement plans, but a few remain flat from 2021.

 

On November 4th, the IRS published the 2022 cost-of-living adjustments (COLA) for retirement plans via Notice 2021-61 which affect dollar limitations for retirement plans and other retirement-related items. The IRS has increased contribution limits and income thresholds for some plans, but a few remain flat from 2021.

401(k), 403(b), 457(b), and Thrift Saving Plan (TSP) salary-deferral limitations increased by $1,000 from 2021 to $20,500 for 2022. The age 50 catch-up contribution for these plans remains at $6,500.

For a SIMPLE IRA, the maximum deferral limit increased by $500 to $14,000. The catch-up contribution for those aged 50 and older remains unchanged at $3,000. Annual IRA contributions (traditional and Roth), as well as catch-up contributions, are unchanged at $6,000 and $1,000 (age 50 plus catch-up), respectively.

Previously, the IRS announced that the Health Savings Account (HSA) contribution limits for 2022PDF Document were increasing by $50 for single coverage and $100 for family coverage. The 2022 annual limit on HSA contributions will be $3,605 for single and $7,300 for family coverage. The HSA catch-up contribution for those age 55 and older remains at $1,000.

For a complete list of 2022 plan limits and other related items, see 2022 Retirement Plan Limits.

If you have additional questions, please contact your Lord Abbett representative at 888-522-2388.

 

The information provided is not directed at any investor or category of investors and is provided solely as general information about Lord Abbett’s products and services and to otherwise provide general investment education. None of the information provided should be regarded as a suggestion to engage in or refrain from any investment-related course of action as neither Lord Abbett nor its affiliates are undertaking to provide impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity. If you are an individual retirement investor, contact your financial advisor or other fiduciary about whether any given investment idea, strategy, product or service may be appropriate for your circumstances.

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