401k & IRA Contribution Limits 2023 || HUGE INCREASE!
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
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
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