RDFA Release: 2023 401(k), 403(b) and IRA Limits

October 23, 2022
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The IRS recently released the updated figures for retirement plan contributions that will apply in 2023.  Here is the press release from the IRS with all of the details:

2023 401(k), 403(b) & IRA Limits

We are seeing large increases, with allowable contributions into 401(k) and 403(b) accounts increasing from $20,500 to $22,500.  IRA contributions jump from $6,000 to $6,500.

The catch-up contribution amount for those over age 50 increases from $6,500 to $7,500 in 401(k) and 403(b) accounts.  This means a total allowable contribution of $30,000 in 2023 for those over age 50.  IRA catch-up contributions remain unchanged at $1,000.

Other important information is shown in the article above.  Should you have any questions at all, please feel free to let us know.

Enjoy your Sunday!