Social Security, healthcare, taxes, savings: Key numbers for Americans to remember in 2022

Social Security, healthcare, taxes, savings: Key numbers for Americans to remember in 2022

It’s hard to believe that 2021 is nearly over. Time seems to go faster and faster, doesn’t it? And now that 2022 is upon us, retirees and Americans who are still working and saving for retirement should be aware of some data points that may come in handy in the new year:

$20,500: that’s how much the Internal Revenue Service says individuals can contribute to their 401(k) plans in 2022. That’s up from $19,500 for 2021 and 2020. 

$27,000: what participants in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan who are 50 and older can contribute in 2022. 

$3,000: the catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans. This is unchanged from 2021.

$6,000: that’s the limit on annual contributions to an IRA for 2022, unchanged from 2021. The so-called “catch-up contribution” limit for individuals aged 50 and over remains $1,000. 

$6,500: the catch-up…

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