IRA Financial’s Adam Bergman Esq. discusses the 2023 contribution limits for all retirement plans, including IRA, 401(k)s, SEP, and SIMPLE IRAs.
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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.

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The Internal Revenue Service (IRS) recently announced the 2023 maximum contribution limits for Individual Retirement Accounts (IRA) and 401(k) plans. These limits, which are adjusted each year based on inflation, offer investors the opportunity to save for retirement while receiving tax benefits.

In 2023, the maximum contribution for 401(k) plans will increase to $20,500. This is a $1,000 increase from the current maximum of $19,500. Catch-up contributions, which are available for those who are 50 years of age or older, will remain at $6,500. This brings the total contribution limit for individuals in this age group to $27,000.

Similarly, the maximum annual contribution for IRA’s will increase by $500 to $6,000 in 2023. Investors who are 50 years of age or older will be able to contribute an additional $1,000 as a catch-up contribution, bringing their total contribution limit to $7,000.

It’s important to note that these contribution limits apply to each person and aren’t limited to those who hold multiple retirement accounts. Therefore, if you have both a 401(k) and an IRA, you can contribute the maximum amount to both accounts.

Contributing the maximum amount to these accounts each year offers numerous benefits, including receiving tax benefits and compound interest. When you contribute to a traditional 401(k), your contributions are tax-deductible in the year you make them, which can help reduce your taxable income. Additionally, your contributions will grow tax-free until you withdraw them in retirement.

Similarly, contributions to a Traditional IRA are tax-deductible in most cases, while Roth IRA contributions are made with after-tax dollars. With a Roth IRA, you won’t receive an upfront tax deduction. However, your investments grow tax-free and are tax-free when withdrawn in retirement.

In conclusion, the 2023 IRA and 401(k) maximum contribution limits will provide investors with the opportunity to save even more toward their retirement goals. By utilizing these accounts and contributing the maximum amounts each year, investors can take advantage of tax deductions and compound interest to help ensure a financially secure retirement.