2023 Contribution Increases

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 Type20222023
IRA/ROTH with Catch-up **$7,000$7,500
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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