Each year the IRS reviews contribution maximums for qualified retirement plans. The new rates for 2023 were recently announced and feature some significant increases. The new annual contribution amounts include:
- 401(k), 403(b) and 457(b): $22,500
- Catch-up for those over 50: $7,500
- Traditional & Roth IRAs: $6,500
- Catch-up for those over 50: $1,000
Please reach out to us if you’d like to discuss increasing your retirement contributions.
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