2022 IRA and 401(k) contribution limits

IRA Contribution limits won't go up next year. For anyone saving for retirement with a traditional or Roth IRA, the 2022 limit on annual contributions to their account remains unchanged at $6,000. It's been stuck at this same amount since 2019. The additional IRA "catch-up" contribution for people 50 and over is not subject to an annual cost-of-living adjustment and stays at $1,000, too.

Workers who are saving for retirement with 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan can contribute up to $20,500 to those plans in 2022. That's a $1,000 increase over the contribution limits in place for 2020 and 2021. The "catch-up" contribution limit for employees age 50 or older who participate in these plans holds steady in 2022 at $6,500, though.

The contribution limit for a SIMPLE IRA, which is a retirement plan designed for small businesses with 100 or fewer employees, is also increased for 2022. It jumps from $13,500 to $14,000 next year. But, as with 401(k) plans, the catch-up contribution limit for workers at least 50 years old who participate in a SIMPLE plan stays put at $3,000.

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