Contribution Limits for 2022
If you didn’t know, contributions for all of the retirement plans ( 401(k), 403(b), FSA, HSA, IRA, Roth IRA, SEP IRA, Simple IRA) are all indexed to inflation. If you’re a giant nerd, know the inflation numbers, and how the IRS calculates the numbers, you can calculate the increases yourself before they’re announced. Since these increases are just keeping up with inflation, it’s just a cost of living increase in terms of contribution. We can all only hope our paychecks go up a similar amount, amirite?
I’ve bolded the change (if any) in 2022
| Type | 2021 Limit | 2022 Limit |
|---|---|---|
| 401(k)/403(b) Employee Contribution | $19,500 | $20,500 |
| 401(k)/403(b) Catch-Up Contribution (Only for ages 50+) | $6,500 | $6,500 |
| 401(k)/403(b) Total Contribution (includes $ from Employer) | $58,000 | $61,000 |
| 401(k)/403(b) Total Contribution Ages 50+ (includes $ from Employer) | $64,500 | $67,500 |
| FSA Contribution | $2,750 | $2,850 |
| HSA Contribution (single) | $3,600 | $3,650 |
| HSA Contribution (family) | $7,200 | $7,300 |
| Traditional IRA Contribution | $6,000 | $6,000 |
| Traditional IRA Catch-Up (Only for ages 50+) | $1,000 | $1,000 |
| Roth IRA Contribution | $6,000 | $6,000 |
| Roth IRA Catch-Up (Only for ages 50+) | $1,000 | $1,000 |
| SEP-IRA Contribution | $58,000 | $61,000 |
| Simple IRA/Simple 401(k) Contribution | $13,500 | $14,000 |
Notable Changes
For people using 401(k), the change is $1,000. The catch-up (how much extra people 50+ are allowed to contribution) remains the same.
For those who are unaware, there is a limit that the employer and the employee can both contribute a year, and this has increased by $3,000.
The IRA contribution limit will not increase in 2022, regardless of if it’s Roth or Traditional.
HSA will only increase by $50. Family is always double that of single. Similarly, FSA will go up by $100.
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