 | AUTHOR: Jason Roque, MS, CFP®, APMA®, AWMA® TITLE: Investment Adviser Rep – CCO TAGS: IRA, ROTH, SIMPLE, 401K, Contribution |
IRA and 401K annual contribution limits rose for 2023. This increase is a scheduled move that is indexed with inflation. Given the inflation over the last year the increase was widely expected. Speak with your adviser to see if this is something you can take advantage of:
| Plan Type | 2022 | 2023 |
| IRA/ROTH | $6,000 | $6,500 |
| IRA/ROTH with Catch-up ** | $7,000 | $7,500 |
| 401K | $20,500 | $22,500 |
| 401K with Catch-up ** | $27,000 | $30,000 |
| SIMPLE IRA | $14,000 | $15,500 |
| SIMPLE IRA with Catch-up ** | $17,000 | $19,000 |
** Applies to individuals 50 years of age and older.
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