The IRS issued Notice 2021-61 announcing the 2022 cost-of-living adjustments (COLAs) applicable to dollar limitations for employer-sponsored retirement plans, including individual retirement arrangements (IRAs). The annual contribution limit remains at $6,000 or $7,000 for those eligible for catch-up contributions. The contribution limit for SIMPLE plans was increased from $13,500 to $14,000. The income limits associated with Traditional IRA deductibility, Roth eligibility, and the tax savers credit have also increased.
