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2023 Retirement Plan Contributions
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