Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

IRS Lifts 401(k) Limit by Record Amount to $22,500 for 2023

Published 10/21/2022, 01:17 PM
Updated 10/21/2022, 01:34 PM
© Reuters.  IRS Lifts 401(k) Limit By Record Amount to $22,500 For 2023

By Investing.com Staff

The IRS announced Friday that it raised the 401(k) contribution limit in 2023 to $22,500, up from $20,500. This is a record increase of 9.8% and largely due to inflation.

The catch-up contribution for those over 50 years old will rise to $7,500 from $6,500. This means if you are over 50 you can contribute up to $30,000 in 2023.

Those saving for retirement in traditional and Roth IRAs will also see a boost next year. The amount that can be saved increases to $6,500 from $6,000. The catch-up contribution remains at $1,000.

Latest comments

Not at all about helping you save;  it's about propping up the fake market.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.