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IRS Increases Maximum 401(k) Contributions for 2022

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Jan. 3, 2022—The IRS has increased the amount an individual can contribute to their 401(k) in 2022, Forbes reported. 

In 2021, the maximum amount was $19,500. That has been raised to $20,500. This new limit also applies to 403(b) plans, most 457 plans and Thrift Savings Plans.

People who are age 50 and up can contribute a “catch-up contribution” to the retirement plans listed above in 2022 of $6,500, which has not increased from 2021.

By adding the overall increase to the catch-up contribution, a 50-year-old (or older) participant can contribute up to $27,000 in 2022.

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