2023 Retirement Contribution Limits
The IRS adjusts regularly the contributions limits that can be made to various retirement accounts. For 2023 these are:
401(k), 403(b), and most 457 plans will increase to $22,500, up from $20,500. 50+ catch-up contributions will be $7,500.
IRA (Roth and Traditional) will increase to $6,500. IRA catch-up contribution limit for individuals age 50+ remains $1,000.
Simple IRAs will increase to $15,500. 50+ catch-up will increase to $3,500.
Contributions an employer can make to an employee's SEP IRA cannot exceed the lesser of:
25% of the employee's compensation, or
$66,000 for 2023 ($61,000 for 2022)
For a Traditional IRA contribution to be fully tax deductible, your MAGI (Modified Adjusted Gross Income) must be under $73,000 (single), or
$116,000 (joint and you participate in a retirement plan at work), or $218,000 (joint and your spouse participates in a retirement plan at
work)To be eligible to make a Roth contribution, your MAGI must be under $153,000 (single) or $228,000 (joint) for 2023.
All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change.
Information contained herein does not involve the rendering of personalized investment advice but is limited to the dissemination of general information. A professional adviser should be consulted before implementing any of the strategies or options presented.
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by the adviser), or product made reference to directly or indirectly on this website, or indirectly via hyperlink to any unaffiliated third-party website, will be profitable or equal to past performance levels. Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the occurrence of which would have the effect of decreasing historical performance results. There are no assurances that a client’s portfolio will match or outperform any specific benchmark. All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s portfolio. Changes in investment strategies, contributions or withdrawals may materially alter the performance, strategy, and results of your portfolio.