Many key dollar limits on retirement plans and IRAs are higher in 2022.

The maximum 401(k) contribution is $20,500. People born before 1973 can contribute an extra $6,500. These limits also apply to 403(b) and 457 plans. The cap on SIMPLEs ticks up to $14,000. People 50 and up can put in $3,000 more.

The 2022 pay-in cap for traditional IRAs and Roth IRAs remains $6,000, plus $1,000 as an additional catch-up contribution for individuals 50 and older.

But the income ceilings on Roth IRA pay-ins go up. Contributions phase out at AGIs of $204,000 to $214,000 for couples and $129,000 to $144,000 for singles.

Also, deduction phaseouts for traditional IRAs start at higher levels, from AGIs of $109,000 to $129,000 for couples and $68,000 to $78,000 for single filers. If only one spouse is covered by a plan, the phaseout for deducting a contribution for the uncovered spouse starts at $204,000 of AGI and ends at $214,000.

New life expectancy tables for calculating RMDs apply for 2022 and beyond. The revised tables allow distributions to be spread out over more years because they account for more-current individual mortality rates than the past tables. Basing RMDs on longer life expectancies allows plan participants and IRA owners to take out smaller annual payouts, letting them keep money in their accounts longer.