The IRS has announced the 2022 cost-of-living adjustment amounts for 401(k) plans and other retirement-plan-related limits. For 2022, individuals can contribute up to $20,500 to their 401(k) plans (as well as 403(b) and most 457 plans), up from $19,500 for 2021. The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b) and most 457 plans remains unchanged at $6,500. The limit on annual contributions to an IRA remains unchanged at $6,000 and the catch-up contribution limit remains at $1,000. The annual benefit limit for defined benefit plans has increased from $230,000 in 2021 to $245,000 in 2022. For more information: https://bit.ly/2ZVpoPY Call or visit our website for more information! www.mjscpa.com/
