Happy November everyone! New retirement inflation-adjustments for 2022 have been released, and we want to provide you with a quick breakdown. Business owners and employees, this one applies to you, so don’t miss it.
See Below For Retirement Inflation-Adjustments for 2022
- IRA/Roth IRA contribution: $6,000 (no change)
- 401k/403(b)/457 deferral: $20,500 ($1,000 increase)
- 401k/403b/457 catch-up: $6,500 (no change)
- SEP IRA/PSP: $61,000 ($3,000 increase)
- SIMPLE deferral: $14,000 ($500 increase)
- SIMPLE catch-up: $3,000 (no change)
- Also boosted for 2022: The income ranges for determining eligibility to make deductible contributions to traditional IRAs, Roth IRAs.
- IRS also issued technical guidance regarding all of the cost of living adjustments
If you have any questions on how these adjustments apply to your financial situation, email us at info@shermanwealth.com.
