The new retirement contribution amounts have changed for 2023 to keep up with inflation. Here are the new contribution amounts for 2023.
The maximum 401(k)/Roth 401(k) contribution will go from $20,500 (2022) to $22,500 for those under 50. For those 50+ the 401(k) catch-up amount will go from $6,500 (2022) to $7,500.
SIMPLE IRAs will go from $14,000 (2022) to $15,500 for those under 50. For those 50+ the catchup amount will go from $3,000 to $3,500.
IRA/Roth IRA amount will go from $6,000 (2022) to $6,500 (<50). For those 50+ the new IRA/ROTH IRA amount is $7,500.
The maximum annual addition to 401(k)/Profit sharing plans will go from $61,000 (2022) to $66,000 for those under 50. For those 50+ the amount will go from $67,500 (2022) to $73,500.
The minimum wage considered for Profit-Sharing/Safe-Harbor/Matching will go from $305,000 (2022) to $330,000.
Employee Deferrals will go from $305,000 (2022) to $330,000.
The maximum wage for paying dependents (kids) before tax is accrued will go from $12,950 (2022) to $13,850.
The maximum AGI to fund Roth IRAs will go from $144,00 for single filers in 2022 to $153,000. For married filing jointly this will go from $214,000 (2022) to $228,000.
Talk to us today about how this impacts your retirement planning!