The Internal Revenue Service announced the cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2022 tax year.

They are as follows:

IRA/Roth IRA contributions:

-$6,000; No change from 2021

401k/403b/457 deferrals:

-$20,500; Up $1,000 from 2021

401k/403b/457 catch-up:

-$6,500; No change from 2021

SEP IRA/Profit Sharing Plans:

-$61,000; Up $3,000 from 2021

SIMPLE deferrals:

-$14,000; Up $500 from 2021

SIMPLE catch-up:

-$3,000; No change from 2021

Social Security Taxable Wage Base:

-$147,000; Up $4,200 from 2021

We hope you found the information above helpful. Feel free to contact us if you have any questions or want to discuss anything.