401(k) Contribution Limits Rising Next Year

Workers saving for retirement have a reason to rejoice over the 401(k) contribution limits for 2022 and can expect even more next year.

Photo of a dollar bill with 401(k) in the middle
(Image credit: Getty Images)

Using a 401(k) account, if your employer offers one, is one of the best and most tax-friendly ways to build a nest egg. You should start saving in a 401(k) account as soon as possible, though the IRS limits how much you can contribute each year.

The good news is contribution limits for 2022 are up from last year and are projected to go even higher next year as a consequence of inflation.

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Senior Retirement Editor, Kiplinger.com

Jackie Stewart is the senior retirement editor for Kiplinger.com and the senior editor for Kiplinger's Retirement Report.