On October 21, 2022, the IRS released the 2023 contribution limits for IRAs and 401(k) retirement plans. Next year, savers can save even more money across all tax-advantaged retirement accounts due indirectly to higher inflation, and cost-of-living adjustments.

IRA Financial’s Adam Bergman, Esq. will discuss all the details and how this impacts retirement savers. Join us Live on Saturday, October 22 @ 9:30AM EDT!
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Read more about the 401(k) limits –
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About IRA Financial:

IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

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The Internal Revenue Service (IRS) has announced the new contribution limits for Individual Retirement Accounts (IRAs) and 401(k) plans for the year 2023. This news is important for anyone who is saving for retirement, as it will impact how much they can contribute to these tax-advantaged accounts.

For 2023, the contribution limit for IRAs has been increased to $6,000, up from $5,500 in 2022. Additionally, the catch-up contribution limit for individuals aged 50 and older remains unchanged at $1,000, bringing the total allowable contribution for those individuals to $7,000. This increase in the contribution limit provides an opportunity for individuals to save more for their retirement, taking advantage of the tax benefits that IRAs offer.

As for 401(k) plans, the contribution limit has been raised to $20,500 for 2023, up from $19,500 in 2022. The catch-up contribution limit for individuals aged 50 and older also remains unchanged at $6,500, bringing the total allowable contribution for those individuals to $27,000. This increase in the contribution limit for 401(k) plans allows employees to save more for their retirement through employer-sponsored plans.

These increases in the contribution limits for IRAs and 401(k) plans provide individuals with an opportunity to boost their retirement savings, taking advantage of the tax benefits and potential for compound growth that these accounts offer. By contributing the maximum allowed amount to these accounts, individuals can maximize their tax-deferred or tax-free retirement savings, ultimately helping to secure their financial future.

It’s important to note that these contribution limits are subject to income and other individual circumstances, so it’s advised to consult with a financial advisor to determine the best course of action for retirement savings. Additionally, individuals should take advantage of any employer matching contributions for 401(k) plans, as this can significantly boost their retirement savings.

Overall, the new IRS contribution limits for 2023 provide an opportunity for individuals to increase their retirement savings and take advantage of the tax benefits that IRAs and 401(k) plans offer. By contributing the maximum allowable amount to these accounts, individuals can work towards securing a comfortable and financially stable retirement. It’s important to stay informed about these changes and make the most of the opportunities they present for retirement savings.