Massive Change to 401k & IRA Contribution Limits 2023 || HUGE INCREASE!

401k contribution limits for 2023 are increasing by a record amount! Since 2007, the IRS has indexed 401k contributions based on CPI data.

This year with rapidly increasing inflation, 401k contribution limits and IRA contribution limits for 2023 are increasing by an enormous amount.

These increases to 401k contributions apply also to 403b contributions, most 457 plans, and Thrift Savings Plan contributions for 2023.

All of this means you can save more for retirement by increasing the amount of retirement savings you contribute to your 401k or IRA.

401k Contribution limits for 2023:
401k Contribution- $22,500
401k Catch-up Contribution-$7,500

IRA Contribution Limits for 2023:
IRA Contribution-$6,500
IRA Catch Up Contribution-$1,000

**Free Retirement Download: The Checklist to Retirement:** 📊

Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.

Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.

Click Here For More Retirement Planning Videos: 🙌

**Ready to get your personalized Financial & Retirement EKG: **🚀

**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: ** ☎️

**Visit our Website: ** 🖥

**Connect with us on Facebook: ** 👍

**More Retirement Information Here: ** 🧐

**Meet Your Retirement Planning Team: ** 😎

**Worried That Your Retirement Strategy Is Missing Something: ** 🤔

❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or retirement plan in more detail.** ❌

Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com

Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!

#retirementplanning #retirement #financialfreedom…(read more)

LEARN MORE ABOUT: 401k Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Massive Change to 401k & IRA Contribution Limits 2023 || HUGE INCREASE!

In a significant move that has thrilled investors and retirement enthusiasts alike, the 401k and Individual retirement account (IRA) contribution limits for 2023 have undergone a massive change with a substantial increase. This news has brought endless possibilities for individuals looking to save more for their golden years.

The Internal Revenue Service (IRS) has made a significant adjustment to contribution limits, allowing individuals to contribute more towards their retirement funds. This development indicates a positive shift in the nation’s focus on securing a financially stable future for its citizens.

Starting from 2023, the 401k contribution limit has been raised to an impressive $23,500 per year for individuals aged 50 and older, a $2,500 increase compared to the previous limit of $21,000. This enhancement presents an opportunity for employees to accelerate their retirement savings and make a substantial dent in their post-work years. Additionally, for those under the age of 50, the 401k contribution limit has been raised to $19,000, a $1,000 increase from before.

IRA contributions have also seen a notable boost, allowing individuals more room to save for their retirement. Traditional and Roth IRA contribution limits for 2023 have been increased to $7,500 for individuals aged 50 and older, up from $7,000. For individuals under 50, the limit has been revised to $6,000, compared to the previous $5,500.

This massive change to the contribution limits empowers individuals to maximize their retirement savings potential and take advantage of the tax advantages associated with 401k and IRAs. By contributing more towards these accounts, individuals can benefit from tax-deferred growth and, in some cases, tax-free withdrawals in retirement.

The increase in contribution limits also serves as a reminder of the importance of planning for retirement at an early stage. It emphasizes the need for individuals to take advantage of these enhancements and seize the opportunity to build a strong financial foundation for their later years.

Moreover, this news has sparked excitement among financial advisors who are encouraging their clients to reassess their retirement savings strategies and possibly increase their contributions. With the extra breathing room provided by the higher limits, individuals can aim to secure a more comfortable and worry-free retirement.

However, it is essential to remember that these increased limits should not encourage individuals to overspend or neglect their present financial obligations. Careful consideration must be given to one’s financial situation, taking into account current expenses and other savings goals before making any drastic changes to 401k and IRA contributions.

In conclusion, the massive change to the 401k and IRA contribution limits for 2023 brings tremendous opportunities for individuals looking to enhance their retirement savings. The substantial increase in limits enables employees to contribute more towards their retirement funds, providing a greater chance of financial security and stability in their post-work years. It is crucial for individuals to review their retirement savings strategies and determine the appropriate contribution level based on their financial circumstances. By capitalizing on these enhancements and making wise financial decisions, individuals can work towards a prosperous and worry-free retirement.