Here are the maximum amounts you can save into some common retirement plans in 2023. Go ahead and increase your contribution!
- 401k Pre-tax or ROTH – $22,500 (Increased from $20,500)
- 401k Catch-up if over 50 – $7,500 (increased from $6,500)
- SIMPLE IRA – $15,500 (Increased from $14,000)
- SIMPLE IRA Catch-up if over 50 – $3,500 (increased from $3,000)
- Traditional IRA or ROTH IRA – $6,500 (increased from $6,000)
- Traditional IRA or ROTH IRA Catch-up if over 50 – $1,000
- SEP IRA – up to $66,000 or 25% of net adjusted self employment income (seek help calculating this)
Cheers to 2023 and let us know if we can help you plan for retirement or navigate which plan is best for you!
If you like keeping up with this data (and a lot more), you might like this tax / retirement cheat sheet which I print out each year.