New Retirement Limits in 2023

On October 21, 2022, the IRS announced the 2023 retirement contribution limits to reflect the change in the headline consumer price index for regular and Catch-up contributions.  Catch-up contributions are for those aged 50 or older.

2022 2023 Increase
401k $20,500 $22,500 $2,000
Catch-Up $6,500 $7,500 $1,000
Traditional IRA $6,000 $6,500 $500
Roth IRA $6,000 $6,500 $500
Catch-Up $1,000 $1,000 $0
SIMPLE IRA $14,000 $15,500 $1,500
Catch-Up $3,000 $3,500 $500