What You Can Do To Max Out Your 2023 Retirement Contributions

Advisors Financial Inc. |
Categories
Retirement

We wanted to send you a quick reminder of the new 401(k) and IRA contribution
limits for 2023.


For 401(k)s the new contribution limit is $22,500 (increased from $20,500), and
the catch-up contribution for those over age 50 is now $7,500 (increased from
$6,500).

To max out your 2023 retirement contributions, please update your payroll
numbers to:


If you are paid bimonthly (24 times/year)

  • Under age 50: $937.50 per pay period
  • Age 50 and older: $1,250.00 per pay period


If you are paid biweekly (26 times/year)

  • Under age 50: $865.35 per pay period
  • Age 50 and older: $1,153.85 per pay period

 

The limits for traditional IRAs and Roth IRAs have also gone up for 2023. The
new contribution limit is $6,500, and the over age 50 catch-up remains at $1,000.


As always, if you have any questions, please contact us.


The AFI Team

Important Information  

Advisors Financial, Inc. (“AFI”) is a registered investment advisor.  Advisory services are only offered to clients or prospective clients where AFI and its representatives are properly licensed or exempt from licensure. 

The information provided is for educational and informational purposes only and does not constitute investment advise and it should not be relied on as such.  It should not be considered a solicitation to buy or an offer to sell a security.  It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon.  You should consult your attorney or tax advisor.

The views expressed in this commentary are subject to change based on market and other conditions.  These documents may contain certain statements that may be deemed forward looking statements.  Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.  Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.  There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.