For your Roth and Traditional IRA’s, the limit is 6,500. Up from 6,000. If you are 50 or older.. 7,500. Up from 7,000. 401k’s will increase to 22,500.. up from 20,500. Simple IRA’s are limited to 15,500 but for employees age 50 or over there is a 3,500 catch up contribution. Which is allowed.
Why should you consider contributing more? With the current inflation, we just might need more income the day we throw in the towel.
