How much can I contribute to a 401(k) if I'm over 50 in 2022?

For 2022, your individual 401 (k) contribution limit is $20,500, or $27,000 if you’re age 50 or older. For 2023, 401 (k) contribution limits for individuals are $22,500, or $30,000 if you’re 50 or older. These individual limits are cumulative across 401 (k) plans.

What is the 401(k) limit for 2022?

For 2022, your individual 401 (k) contribution limit is $20,500, or $27,000 if you’re age 50 or older. For 2023, 401 (k) contribution limits for individuals are $22,500, or $30,000 if you’re 50 or older.

What are the tax advantages of contributing to a 401(k) in 2022?

Thanks to a higher-than-normal annual inflation rate of 5.4%, the Internal Revenue Service (IRS) says it will allow taxpayers to contribute up to $20,500 to their 401 (k) and some other retirement accounts in 2022, a $1,000 boost from 2021 contribution limits. 1 2