The IRS recently announced 2022 limits affecting retirement plans and other qualified savings vehicles. Most notable, the year 2022 will see a change to the deferral limit but no change to the catch-up limit. Please refer to the table below for other adjustments.

401(k) Related Limits 2022 2021
401(k) Elective Deferrals $20,500 $19,500
401(k) Catch-up Contribution $6,500 $6,500
415 Annual Additions Limit $61,000 $58,000
Annual Compensation Limit $305,000 $290,000
Social Security Taxable Wage Base $147,000 $142,800
     
Non-401(k) Related Limits    
403(b) Elective Deferrals $20,500 $19,500
403(b) Catch-up Contribution $6,500 $6,500
SIMPLE Deferrals $14,000 $13,500
SIMPLE Catch-up Contribution $3,000 $3,000
IRA Contribution $6,000 $6,000
IRA Catch-up Contribution $1,000 $1,000

Source: irs.gov

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Disclosure: The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. SYM-21-136