Dan's Blog
One Thousand More Reasons to Contribute to a 403(b)/457(b)
November 9, 2022
The IRS announced last week that you will be able to contribute $1,000 more to your 403(b) and your 457(b) in 2022. That brings the maximum individual contributions limit to $20,500. The Age 50 Catch Up contribution limit remains unchanged at $6,500.
Contact your employer ASAP if you wish to increase your contribution amount starting in January 2022. You will have to fill out a new salary reduction agreement indicating how much more you want to increase your savings.
403(b)/457(b) Contribution Limits Over the Years
- 2021 — $19,500
- 2020 — $19,500
- 2019 — $19,000
- 2018 — $18,500
- 2017 — $18,000
- 2016 — $18,000
- 2015 — $18,000
- 2014 — $17,500
- 2013 — $17,500
- 2012 — $17,000
- 2011 — $16,500
403(b)/457(b) Age 50 Catch Up Over the Years
- 2021 — $6,500
- 2020 — $6,500
- 2019 — $6,000
- 2018 — $6,000
- 2017 — $6,000
- 2016 — $6,000
- 2015 — $6,000
- 2014 — $5,500
- 2013 — $5,500
- 2012 — $5,500
- 2011 — $5,500
Note: The limit on annual contributions to an IRA remains unchanged at $6,000. The catch-up contribution limit for individuals aged 50 remains $1,000.
Stay wise and well (and contribute as much as you can).
