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Retirement Contribution Limits to Change in 2022

Kristi Ruggles

Taxpayers in 2022 can put an extra $1,000 into their 401(k) plans. The IRS announced that the contribution limit in the new year will increase to $20,500.

Limits on contributions to traditional and Roth IRAs remains unchanged at $6,000.

The amount individuals can contribute to SIMPLE retirement accounts also increases to $14,000 in 2022.