The IRS updated contribution limits for retirement accounts in 2023. As you can see below, there are many notable changes that will allow investors to save more money. One important update for 2023 is that 401(k) elective deferrals increased from $20,500 to $22,500. That’s not all! Please see below for the applicable updates for the coming year:
For IRAs and Roth IRAs you can now contribute $6,500 or $7,500 if 50 and older.
How do these changes impact your savings in the upcoming year? Are there any changes you should be making? Use this link to schedule a time to meet one-on-one with our team. We look forward to working with you in 2023!