For Your Information
Extra Money in your 401(k)
Good News for Retirement Savers
You can save more next year! In your 401(k), your Roth IRA and a number of qualified retirement plans, the IRS is announcing increased ceilings and thresholds in 2022.
In your 401(k) plan for example, you can contribute as much as $20,500 in 2022. That’s $1000 more than in 2021. Those 50 or older can save an additional $6,500 for a total of $27,000 annually.
The new, inflation-adjusted limits also apply to 403(b) plans for employees of public schools and non-profits, along with most 457 plans for federal employees and SIMPLE plans for small businesses.
There are higher income phaseout ranges in 2022 for those contributing to Roth IRAs, along with increased estate and gift tax limits for both individuals and couples filing jointly.
You’ll find a more complete list of IRS Contribution Limits for 2022 HERE.
Any questions can be directed to your Bahl & Gaynor Portfolio Manager or our Financial Planning Team. You can also reach us at email@example.com or by calling 513-287-6100.
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