By Senior Advisor Andrew Schaetzke, CFP®.
Every year, the Internal Revenue Service (IRS) updates dollar contribution limits and other aspects of defined contribution plans like 401(k)s, tax-qualified defined benefit plans, and Social Security. Particularly with the rise in inflation this year, some of the dollar limits have gone up significantly more than in years past.[1][2]
To help you plan for 2022, we provide the below information regarding limits, thresholds, and changes for these retirement plans and Social Security.[1][3] Additionally, we are actively monitoring other legislation making its way through Congress, particularly relating to President Biden’s Build Back Better Framework.[4] As legislative bills become law, we will provide you with more important updates.
401(k), 403(b), 457(b), ESOP, Profit-Sharing Plans
Traditional IRA / Roth IRA
Defined Benefits Plan
Social Security
Estate and Gift Taxes
Important Disclosure Information & Sources:
[1] “2022 Limitations Adjusted as Provided in Section 415(d), etc.“. IRS, irs.gov.
[2] “Consumer Price Index for All Urban Consumers: All Items in U.S. City Average“. Federal Reserve Bank of St. Louis, stlouisfed.org.
[3] “2022 IRS Plan Limits“. Newport Group, 04-Nov-2021, newportgroup.com.
[4] “The Build Back Better Framework“. The White House, whitehouse.gov.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice. This material has been prepared for informational purposes only.
Hyperlinks to third-party information are provided as a convenience and we disclaim any responsibility for information, services or products found on websites or other information linked hereto.
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