Massive 2023 401k Contribution Limits Increase #shorts #retirement #retirementplanning

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

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

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In a recent announcement, the IRS has revealed that there will be a massive increase in the 401k contribution limits in 2023. This news is significant for anyone who is planning for their retirement, as it means that they will be able to save even more money for their golden years.

The current limit for 401k contributions in 2021 is $19,500. However, in 2023, this limit is expected to increase by $1,000 to $20,500. This may not seem like a huge increase, but over the course of several years, it can add up to a significant amount of money.

For those who are age 50 or older, there is also a catch-up contribution limit. This limit allows individuals to save even more money for their retirement. Currently, the catch-up contribution limit is $6,500. However, in 2023, this limit is expected to increase to $7,000. This means that individuals age 50 and older can contribute up to $27,500 to their 401k in 2023.

This is great news for anyone who is looking to maximize their retirement savings. By contributing the maximum amount allowed, individuals can take advantage of the power of compounding and potentially grow their retirement savings significantly over time. Additionally, for those who are nearing retirement age, these increased contribution limits can help ensure that they have enough money saved to live a comfortable retirement.

It is important to note that 401k contributions are tax-deferred, which means that individuals can reduce their taxable income by contributing to their 401k. Additionally, many employers offer matching contributions, which can help individuals save even more money for retirement.

Overall, the increase in 401k contribution limits in 2023 is great news for anyone who is planning for their retirement. By taking advantage of these increased limits, individuals can save even more money for their golden years and potentially enjoy a comfortable retirement. However, it is important to consult with a financial advisor to determine the best retirement planning strategy for their individual needs and circumstances.