Maximize your 401(k) and IRA Contributions in 2023
Due to inflation, the maximum contributions to retirement plans for 2023 have increased. 401(k) deferral contributions will increase to $22,500, up from $20,500, and IRA contributions will increase to $6,500, up from $6,000.
For those individuals over 50, the catch-up contribution for 401(k) plans is $7,500, up from $6,500.
The article below is a reminder from the IRS to review your retirement contributions for 2023, highlighting additional items impacted by inflation for some retirement plans.
If you plan to maximize your contributions for 2023, we recommend adjusting your contributions at the beginning of the year to reach the increased maximum by the end of 2023.