What You Can Do To Max Out Your 2023 Retirement Contributions
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
To max out your 2023 retirement contributions, please update your payroll
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
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.
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