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
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