2023 Retirement Plan Contribution Limits
Tim Hayes
Securities licensed in MA, RI, NH, ME, CT, NY, NJ, FL
Categories
Tags
The Internal Revenue Service increased the annual contribution deferrals on some popular qualified retirement plans. So you will be able to put more into your workplace retirement plan in 2023.
| Name of Retirement Plan | Basic Contribution Limit | Age 50 and up Catch-Up | Basic + Age Fifty |
|---|---|---|---|
| 401(k) Retirement Plan | $22,500 per year deferral | $7,500 per year | $30,000 |
| SIMPLE IRA Retirement Plan | $15,500 per year deferral | $3,500 per year | $19,000 |
| SEP IRA Retirement Plan | Cannot exceed the lesser of: 25% of compensation, or $66,000 per year | N/A | N/A |
| 403b Retirement Plan | $22,500 per year deferral | $7,500 per year | $30,000 |
| 457 Retirement Plan | $22,500 per year deferral | $7,500 per year | $30,000 |
| Public School Employees Are Eligible for Both a 403b and 457 | $45,000 per year deferral | $15,000 per year | $60,000 |
Are You Ready to Retire?
I mean, ready – financially ready? Use this worksheet to help determine how your current retirement savings efforts compare with your retirement spending needs
Tim Hayes
I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser (RIA) based in Fairfield, IA. I am also registered with Cambridge Investment Research, Inc., a broker-dealer with over 3,000 registered representatives nationwide.
