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Catching Up On Retirement Savings

Looking for a way to get on track with your retirement savings? For those 50 and older, a great way to add to your savings is a catch-up contribution.

Employee Catch-up Limits Effective January 1, 2022:

  • 401(k), 403(b), 457 plans – $6,500 in addition to the $20,500 annual contribution limit
  • SIMPLE 401(k)/IRA – $3,000 in addition to the $14,000 annual contribution limit
  • IRA – $1,000 in addition to the $6,000 annual contribution limit

Catch-up contributions are available across all retirement accounts. Any additional amount you can put into your retirement account can help boost your savings. Talk to your Jemma Financial Advisor for more information.

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