Good News for Retirement Savers

You can save more next year! In your 401(k), your Roth IRA and a number of qualified retirement plans, the IRS is announcing increased ceilings and thresholds in 2022.

In your 401(k) plan for example, you can contribute as much as $20,500 in 2022. That’s $1000 more than in 2021. Those 50 or older can save an additional $6,500 for a total of $27,000 annually.

The new, inflation-adjusted limits also apply to 403(b) plans for employees of public schools and non-profits, along with most 457 plans for federal employees and SIMPLE plans for small businesses.

There are higher income phaseout ranges in 2022 for those contributing to Roth IRAs, along with increased estate and gift tax limits for both individuals and couples filing jointly.

You’ll find a more complete list of IRS Contribution Limits for 2022 HERE.

Any questions can be directed to your Bahl & Gaynor Portfolio Manager or our Financial Planning Team. You can also reach us at info@bahl-gaynor.com or by calling 513-287-6100.

 

 

Investment advisory services provided through Bahl & Gaynor Investment Counsel (“B&G”), a federally registered investment adviser under the Investment Advisers Act of 1940. Registration does not imply Information or a certain level of skill or training. More information about B&G can be found by visiting www.adviserinfo.sec.gov and searching by the adviser’s name. This is prepared for informational purposes only and may not be applicable to your particular situation or need(s). It does not address specific investment objectives. Information in these materials are from sources B&G deems reliable, however we do not attest to their accuracy. Past performance is not indicative of future results. Indices and benchmarks are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future performance, and are not indicative of any specific investment. Index return information is provided by vendors and although deemed reliable, is not guaranteed by B&G. No fiduciary relationship exists because of this commentary. If you have any questions regarding the indices or investments referenced in this presentation, contact your B&G investment professional.