While building a healthy retirement nest egg takes a long-term saving strategy, it is never too late to give your savings a boost. From now until the time you retire, maximize your contributions to the IRS annual savings limit.
The 2022 annual employee elective deferral limit is $20,500 401(k) and 403(b) accounts. If you are enrolled in more than one 401(k) or 403(b), your contributions will be counted collectively, meaning you cannot defer more than $20,500 in total amongst all accounts. Catch up limits for 2022 are $6,500 in 401(k) and 403(b) accounts.
Additional rules of eligibility may exist in your specific retirement plan.
Please see below for current annual contribution limits:
401(k), 403(b), and 457 employee elective deferral limit: $20,500
401(k) and 403(b) catch up: 6,500 in 2022 (Available for those over 50 years old)
457 catch up: $6,500, additional savings opportunities may be available based on plan design
Remotiv is independent, unaffiliated and does not sponsor nor endorse any other service provider. To access our brochure, code of ethics, privacy policy and all other relevant documents please visit our website at remotiv.com/disclosures.
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