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The IRS Raises 2023 Retirement Plan Contribution Limits

As they do each year, the IRS announced 2023 retirement plan increases as follows: 2022 2023 2023 Catch Up 401(k), 403(b) & 457 $20,500 $22,500 $7,500 Traditional or Roth IRA $6,000 $6,500 $1,000 SIMPLE IRA $14,000 $15,500 $3,500 SEP IRA $61,000 $66,000 N/A   Catch-Up Contributions Individuals aged 50 or older are allowed to make…
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