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2022 Retirement Plan Contribution Limits

2022-Contribution-Limits

The IRS contribution limits for 2022 have ticked slightly upward from those of 2021; the maximum employee contribution to a workplace 401(k) or other qualified plan is $20,500 (plus a $6,500 catchup contribution if you are age 50 or older, for a total of $27,000). This limit is for employee elective deferrals and does not include any non-elective contributions or matching contributions made by your employer; the overall limit for 401(k) contributions including money from your employer or any other source rises from $58,000 to $61,000.

Check the chart below for contribution guidelines for other types of retirement plans.

 

Maximum workplace retirement plan contribution amounts

2022

2021

401(k), 403(b), most 457 plans and federal Thrift Savings Plans

$20,500 

$19,500 

Catch-up contributions in these plans for people 50 and older

$6,500 

$6,500 

Defined benefit pension plan annual benefit limits 

$245,000

$230,000 

Annual employer limit for 401(k)-type plans, SEP IRAs and solo 401(k)s 

$61,000 

$58,000 

Annual contribution limit for SIMPLE plans

$14,000

$13,500

Catch-up contribution limit for SIMPLE plans for people age 50 and older

$3,000

$3,000

IRA contribution limit

 2022

2021

Traditional and Roth IRAs for people younger than 50

$6,000

$6,000

Catch-up contributions in these plans for people 50 and older

$1,000

$1,000

Adjusted gross income phase-out range of IRA deductibility

2022

2021

Single and contributing to a workplace plan

$68,000 to $78,000 

$66,000 to $76,000

Married filing jointly when the spouse making the contribution has a workplace plan

$109,000 to $129,000 

$105,000 to $125,000

Married filing jointly when the contributor isn’t covered by a workplace plan, but the spouse is

$204,000 to $214,000

$198,000 to $208,000

Married and covered by a workplace plan but filing separately

$0 to $10,000 

$0 to $10,000

Roth IRA income eligibility phase-out

2022

2021 

Single and head of household filers

$129,000 to $144,000 

$125,000 to $140,000

Married filing jointly or qualified widow/widowers

$204,000 to $214,000 

$198,000 to $208,000

Married filing separately

$0 to $10,000 

$0 to $10,000

Source: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-contributions


DISCLOSURES

This material is being provided for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice must be obtained on your own and separate from this educational material.

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