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2023 Retirement Plan Contributions

By The Retirement Dude

The IRS has recently announced contribution limits for individuals and employees for  IRA’s and retirement plans for 2023 (these limits do not include any employer matching contributions).  These increases are some of the highest we have seen in years due to the impact of inflation.  Please review your current plan contributions and options to make sure you are taking full advantage of these savings opportunities.

Traditional IRA and ROTH IRA 

2023 Contribution Limit $6,500

Catch Up Contribution (greater than age 50) $1,000

SIMPLE IRA

2023 Contribution Limit $15,500

Catch Up Contribution (greater than age 50) $3,500

SEP IRA

2023 Contribution Limit $66,000

Solo 401(k)

2023 Contribution Limit $66,000

Catch Up Contribution (greater than age 50) $6,500

401(k), 403(b), 457, Profit Sharing Plans, etc

2023 Contribution Limit $22,500

Catch Up Contribution (greater than age 50) $7,500

Along with these changes, the IRS also updated Section 415 Annual Contribution Limits/ Annual Compensation Limits for various plans along with ESOP Limits.

If you have any questions please do not hesitate to reach out!

Contact: Mark Minder, RFCⓇ, MBA

https://dardenwealth.com/meet-the-team/mark-minder

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