January 9, 2022

The NEW Employee Retirement Contribution amounts for 2022 are below. You will need to contact your Human Resources Department or your Payroll Company and have them adjust your Retirement Contributions for 2022 per below. They will NOT be adjusted automatically.

I recognize that this does not apply to everyone (Congratulations, probably means you are retired) but this was the best/fastest way to communicate the new amounts to those that are impacted.

If you have a 401(k) Plan:

2022 Employee Contribution Limit (Under age 50) is $20,500

2022 Employee Contribution Limit (Over age 50) is $27,000*

If you have a SIMPLE Plan:

2022 Employee Contribution Limit (Under age 50) is $14,000

2022 Employee Contribution Limit (Over age 50) is $17,000*

If you Have a Traditional IRA or ROTH IRA:

2022 Contribution Limit (Under age 50) is $6,000

2022 Contribution Limit (Over age 50) is $7,000*

*If you are turning 50 during 2022 or are already over the age of 50 the “Over age 50” amount applies to you.

As always, if you have any questions, please give us a call. We are more than happy to help or answer any questions that you may have.