2022 Annual Contribution Limits

As we come to the close of 2021, the IRS recently announced new limits for retirement plan and health account contributions for the 2022 tax year. Below are highlights of these cost-of-living adjustments: 

To be proactive with your 2022 contributions, review your current elections and make the necessary adjustments to contribute the maximum allowable amount in your employer-sponsored or retirement plans while open-enrollment season is upon us. Details on these and other retirement-related adjustments for 2022 can be found in Notice 2021-61
 
If you have questions concerning your retirement plans or want to make sure you have sufficient assets to cover your retirement income needs, please email us at clientservices@benchmarkfinancial.info or call us (561) 416-2992 to set up an appointment with one of our advisors.

*Applies for determining highly compensated employees for the 2022 plan year. Limits stated above are subject to the provisions of the plan. Refer to your plan document or contact your plan consultant (TPA) for more information. The content of this document is for general information only and is believed to be accurate and reliable as of posting date but may be subject to change. Benchmark Financial Wealth Advisors LLC, or any of our affiliates, do not provide tax or legal advice. Please consult your tax or legal advisor as to any tax, or legal statements made herein. 

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