New year = New contribution limits for 2023 for the following retirement savings accounts…
401(k), 403(b), most 457 plans, & Thrift Savings Plans – $22,500 (catch-up contribution limits for employees 50 and older will increase to $7,500)
IRA/Roth IRAs – $6,500 (Also an INCREASE in income phase out ranges for eligibility to make deductible contributions for Traditional IRAs and contributions to Roth IRAs)
P.S. – Starting in 2024 ALL employer plan catch-up contributions for age 50 and over must be ROTH CONTRIBUTIONS via Secure Act 2.0
Please refer to “Notice 2022-55” on the IRS.gov website for more information
2023 Contribution Limits
Corey Shevlin
Corey serves as an investment adviser representative and handles the investment related administration for The Lynch Financial Group. He currently holds his Series 65, Life and Health Insurance licenses. He attended the University of Delaware and graduated with a Bachelor’s degree in Political Science and Criminal Justice in 2019.