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This means workers 50 and older can kick in a maximum of $27,000 to their 401(k) plans in tax year 2022. Many employers offer to match a portion of the money you put into your 401(k).
The IRS reviews the limits on contributions to retirement plans like 401(k) plans every year. Occasionally, typically in response to rising inflation, it raises these limits. Such is the case in ...
Retirement savers are eligible to put $1,000 more in a 401(k) plan next year. The 401(k) contribution limit will increase to $20,500 in 2022.
For the year 2022 for 401(k) plans the contribution limit is $20,500. If an employee reached the age of 50 by the end of the calendar year, they could save an additional $6,500, for a total savings of $27,000.
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If you really want to boost your savings, you might even contribute the maximum to the account. For … Continue reading → The post 401(k) Contribution Limits for 2022 and 2023 appeared first on ...
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