2023 Roth IRA, Traditional IRA, 401(k), 403(b), 457, SIMPLE IRA and SEP IRA contribution limits have been released by the IRS and @whitaker-myerswealthmanage2043 Chief Investment Officer and President, John-Mark Young discusses the updates in this brief video.

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2023 is just around the corner and it’s time to start thinking about how you’ll plan for retirement. With the changing tax laws and the ever-increasing cost of living, it’s important to stay up to date on the latest Roth IRA, 401(k) and retirement plan limits. Additionally, you’ll want to know the 2023 standard deduction and tax brackets.

Roth IRA Limits

For 2023, the contribution limit for Roth IRA’s is $6,000. This is an increase of $500 from the current limit of $5,500. If you’re 50 or older, you can contribute an additional $1,000 for a total of $7,000. The income limits for Roth IRA’s have also increased. For single filers, the phase-out range is between $125,000 and $140,000. For married filing jointly, the phase-out range is between $198,000 and $208,000.

401(k) Limits

The contribution limit for 401(k)s has increased to $19,500 for 2023. This is an increase of $500 from the current limit of $19,000. If you’re 50 or older, you can contribute an additional $6,500 for a total of $26,000.

Retirement Plan Limits

The contribution limit for all other retirement plans, such as SEP IRAs, Simple IRAs and Defined Benefit Plans, has increased to $58,000 for 2023. This is an increase of $1,000 from the current limit of $57,000.

Standard Deduction and Tax Brackets

The standard deduction for 2023 is $25,400 for married filing jointly, $12,700 for single filers and $18,850 for heads of household. The tax brackets for 2023 have also been adjusted. The new brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%.

Conclusion

When planning for retirement, it’s important to stay up to date on the latest Roth IRA, 401(k) and retirement plan limits, as well as the 2023 standard deduction and tax brackets. Knowing the limits and deductions can help you plan accordingly and maximize your retirement savings.