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:
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!