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Update Your Contribution Limits for 2022 Thumbnail

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.

This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Soundmark Wealth Management, LLC, its advisors and its affiliates do not provide tax or accounting services. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax or accounting advice. Please consult with your tax advisor prior to engaging in any transaction.
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