Save More for Retirement in 2023 Thanks to Higher IRA and 401(k) Contribution Limits

3 months ago Kiplinger

IRA and 401(k) contribution limits are going up for 2023…and by a lot! The contribution limits are subject to adjusts for inflation every year, but they don't always rise (or go up by much) if inflation is in check. However, given the recent high inflation rates, the retirement account contribution limits jumped considerably for 2023. The additional IRA "catch-up" contribution for people 50 and over is not subject to an annual cost-of-living adjustment and stays at $1,000 for 2023 (for a total 2023 contribution limit of $7,500 if you're at least 50 years old). The contribution limit for a SIMPLE IRA, which is a retirement plan designed for small businesses with 100 or fewer employees, is also increased for 2023.
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