iUPDATE: Highly Compensated Employee figure has been corrected to $130,000 for 2022
The Internal Revenue Service has announced the 2022 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2022. Some of the adjusted amounts, however, apply to calendar year 2022. Please click for a printer-friendly version of the table below.
|
Employee Benefit Plans |
||
|---|---|---|
|
Plan Year |
2022 |
2021 |
|
401(k), 403(b), 457 deferral limit |
$20,500 |
$19,500 |
|
Catch-up contribution limit (age 50 or older by end of year) |
$6,500 |
$6,500 |
|
Annual compensation limit |
$305,000 |
$290,000 |
|
Annual benefits payable under defined benefit plans |
$245,000 |
$230,000 |
|
Annual allocations to accounts in defined contribution plans |
$61,000 |
$58,000 |
|
Highly compensated employee |
Compensation more than $135,000 in 2021 plan year |
Compensation more than $130,000 in 2020 plan year |
|
Health Savings Accounts |
||
|---|---|---|
|
Calendar Year |
2022 |
2021 |
|
Maximum contribution |
||
|
Family |
$7,300 |
$7,200 |
|
Catch-up contribution |
$1,000 |
$1,000 |
|
Minimum deductible |
|
|
|
Family |
$2,800 |
$2,800 |
|
Maximum out-of-pocket |
|
|
|
Family |
$14,000 |
$14,000 |
|
Social Security |
||
|---|---|---|
|
Calendar Year |
2022 |
2021 |
|
Taxable wage base |
$147,000 |
$142,800 |
|
Maximum earnings without loss of benefits |
|
|
|
Under full retirement age |
$1,630/mo. ($19,560/yr.) $4,330/mo. up to month of full retirement age ($51,960/yr.) |
$1,580/mo. ($18,960/yr.) $4,210/mo. up to month of full retirement age ($50,520/yr.) |
|
Social Security Retirement Age |
|
|---|---|
|
Year of Birth |
Retirement Age |
|
Prior to 1938 |
Age 65 |
|
1938 |
65 and 2 months |
|
1939 |
65 and 4 months |
|
1940 |
65 and 6 months |
|
1941 |
65 and 8 months |
|
1942 |
65 and 10 months |
|
1943 – 1954 |
66 |
|
1955 |
66 and 2 months |
|
1956 |
66 and 4 months |
|
1957 |
66 and 6 months |
|
1958 |
66 and 8 months |
|
1959 |
66 and 10 months |
|
1960 and later |
67 |
