RETIREMENT PLAN LIMITS – 401Ks and IRAs

401 K and 403b contribution limits are going up to $22,500 for 2023 and the IRA contribution limit is rising to $6,500. The catch-up provisions for anyone over 50 can add up to $7,500 to the 401K and 403b and $1,000 to an IRA – traditional or Roth.

The income ceilings for contributions are going up as well.  In general, married filing jointly filers can contribute to a traditional or Roth IRA if adjusted gross income is between $218,000 and $228,000 (fine print applies).

If you are self-employed you can contribute to a SEP-IRA or to a Solo 401K.  Call me with questions, as many factors are to be taken into consideration. Each of these has to be set up by December 31