2022 Retirement Plan Updates from IRS
Capstone Investment Financial Group
IRS just announced increases to retirement plan contributions for 2022. Some didn’t increase, others did slightly.
Below are the increases per the IRS increase for 2022:
*Depending on Defined Contribution (401k), higher limits maybe allowed.
*Some of the above have income requirements to meet limits above.
The IRS allows a “catch up” contribution of an additional $1,000 to those 50 and over, which didn’t change from 2021 and an extra $6,500 in a 401(k) up which is unchanged from 2021 as well.
IRA’s have income limits for who can contribute and those income phase-out ranges have also been increased.
As always, we would love to talk with you about how to implement these changes into your financial plan to provide a clear path to your financial goals.
**This is not deemed to be Tax or Legal Advice**