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Financial Planning Higher Ed Retirement Planning

The Important Contribution Limits to Know in 2022

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The beginning of the year is a great time to get acquainted with updated contribution limits. Whether you want to budget in additional contributions to keep maxing out plans or are new to building wealth, it's important to know these limits.

What are the important contribution limits to know in 2022? We outline several important limits below.

401(k), 403(b), and 457 Plans

Plan Limits20222021Difference
Employee elective deferrals
$20,500
$19,500
+$1,000
Employee deferral (age 50+)
$6,500
$6,500
none
Contribution limit, all sources
$61,000
$58,000
+$3,000
Cont. limit, all source (age 50+)
$67,500
$64,500
+$3,000

SIMPLE Plan

Plan Limits20222021Difference
Employee deferral$14,000$13,500+$500
Catch-up (age 50+)$3,000$3,000none

SEP Plan

Plan Limit20222021Difference
Employer contribution
$61,000
$58,000
+$3,000
These plans have some trickier rules to follow regarding self-employed individuals' limits. Make sure to coordinate with your tax professional.

Traditional and Roth IRAs

Plan Limit20222021Difference
IRA/Roth Contribution$6,000$6,000none
Catch-up contribution (50+)$1,000$1,000none


Other Important Limits

Plan Type/Limit20222021Difference
HSA: Single
$3,650
$3,600
+$50
HSA: Family
$7,300
$7,200
+$100
HSA Catch-up (age 55+)
$1,000
$1,000
none
Dependent Care FSA, family
$5,000
$5,000
none
Dependent Care FSA, married filing separately
$2,500
$2,500
none
Health FSA
$2,850
$2,750
+$100



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Everything you need to know about your 403(b)

Can I contribute to both a 403(b) and 457 plan?