2023 Retirement Plan Contribution Limits

What can you contribute this year? Retirement Plan Advisors shares a list of ways you can save more this year with a 2023 Retirement Plan. 

57(b), 403(b), and Thrift Savings Plans

The contribution limit for employees who participate in a 457(b) plan, 403(b) plan, or the federal government’s Thrift Savings Plan is $22,500 in 2023 (up from $20,500 in 2022).

Catch-Up Contributions

The catch-up contribution limit for individuals age 50+ is $7,500 in 2023 (up from $6,500 in 2022).

Defined Contribution Plans in Total

The total contribution limit for defined contribution plans is $66,000 in 2023 (up from $61,000 in 2022).

IRAs

The contribution limit to an Individual Retirement Account (IRA) is $6,500 (up from $6,000 in 2022).

For Additional Details.

Read the IRS’ full announcement on their website

Resolve to Save More in 2023

Contact your RPA Financial Advisor to increase your retirement plan contributions. Mark R. Mitchell, CRC, CFP, Regional Director

734.421.2212

mmitchell@retirementplanadvisors.com

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

2023 Retirement Plan Contribution Limits_Matt Martin

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