Update Your Contribution Limits for 2022

The IRS announced retirement plan limits for the new year. If you are able to update your contributions, you’ll want to take the new thresholds into consideration.

 A few highlights: 

• 401(k) Deferral Limit: increased from $19,500 to $20,500.
• Catch-up Deferral Limit: no change from $6,500.
• Health Savings Accounts (HSA) – increased from $3,600 to $3,650 for self-only coverage and from $7,200 to $7,300 for family coverage. 

 If you have questions about updating your contributions, please contact our office.

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