2022 Social Security Wage Base Increase, and Projected Increases in IRS Limits
(Posted on October 13, 2021 by )

SSALogoThe Social Security Administration today announced that the wage base for 2022 will increase to $147,000 from $142,800. In addition, the Department of Labor issued the CPI-U for September, which enables the calculation of several of the 2022 limits the IRS will shortly be announcing. (Thanks to Tom Poje for his calculation spreadsheet!) The limits for 1996 through 2022 (including the actual Social Security limit and the projected IRS limits) are shown at this link.

2021 IRS Benefits & Contributions Limits Announced
(Posted on October 26, 2020 by )

irsOn October 26, 2020, the IRS issued IRS Notice 2020-79, announcing the changes in pensions and benefits limits for 2021. The maximum limit on annual additions (primarily to defined contribution plans) rose from $57,000 to $58,000 and the annual limit on compensation taken into account rose from $285,000 to $290,000. Most other limits stayed the same.

A chart showing details, and limits from 1996 to 2021, can be found at this link.