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Financial Fact: Retirement Plan Contribution Limit Increases for 2022

 

Employees who are younger than age 50 can contribute a maximum of $20,500 to a 403 (b) in 2022. That’s an increase of $1,000 from the limit of $19,500 in 2021. For those age 50 and older, you can add an extra $6,500 per year in "catch-up" contributions, bringing your total 403(b) contributions for 2022 to $27,000. 

If you can afford to increase your contribution you will reap two tax benefits: lowering your taxable income even more and growing more money tax-deferred. Since contributions to your 403(b) come directly from your salary and are made with pre-tax dollars, you are lowering your taxable income. The additional $1,000 to contribute to your 403(b) will add to the money that you can grow tax-deferred for your retirement. If you deposited this money elsewhere, such as a taxable brokerage account you would have to pay taxes on the dividends and gains if you sold your investment, at the end of the year.

For more information on IRS tax changes to retirement plans for 2022, visit the IRS website.

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