Author Topic: New 401K and IRA Limits for 2023!  (Read 1187 times)

401Killer

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New 401K and IRA Limits for 2023!
« on: October 24, 2022, 07:40:30 AM »
The 401K limit will be raised to $22,500 and IRA to $6,500. More excited for the IRA increase but wish it was like $30,000!



https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500
« Last Edit: October 25, 2022, 10:27:33 AM by 401Killer »

TomTX

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Re: New 401K and IRA Limits for 2023!
« Reply #1 on: October 24, 2022, 11:37:48 AM »
New 401k/457/403 limit is $22.5k. Year in which you turn 50 or older it's $29k.
New IRA limit is $6.5k. Year in which you turn 50 or older it's $7.5k.

Traditional and Roth limits are the same.

Dicey

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Re: New 401K and IRA Limits for 2023!
« Reply #2 on: October 24, 2022, 11:39:55 AM »
Oh, crap. DH retired in 2022.

Yippee!

GardenBaker

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Re: New 401K and IRA Limits for 2023!
« Reply #3 on: October 24, 2022, 12:22:27 PM »
I see the Simple IRA contribution limits have been raised to $15,500 up for the previous $14K. Awesome!

solon

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Re: New 401K and IRA Limits for 2023!
« Reply #4 on: October 24, 2022, 12:26:27 PM »
New 401k/457/403 limit is $22.5k. Year in which you turn 50 or older it's $29k.
New IRA limit is $6.5k. Year in which you turn 50 or older it's $7.5k.

Traditional and Roth limits are the same.

$30k actually! $22.5k + $7.5k

EchoStache

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Re: New 401K and IRA Limits for 2023!
« Reply #5 on: October 24, 2022, 12:44:37 PM »
Excited about this change as well.  Wife turns 50 next year, so we will be able to contribute $75k to retirement accounts.  $15k more than this year for us.  :D

simonsez

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Re: New 401K and IRA Limits for 2023!
« Reply #6 on: October 24, 2022, 01:35:41 PM »
New 401k/457/403 limit is $22.5k. Year in which you turn 50 or older it's $29k.
New IRA limit is $6.5k. Year in which you turn 50 or older it's $7.5k.

Traditional and Roth limits are the same.
Sorry, I am not following.

What are you saying is the same?  The traditional and Roth limit of _______?

The tradtional 401k limit went up so it can't be that.  The Roth 401k limit went up so it can't be that.  The traditional IRA limit went up so it can't be that.  The Roth IRA limit went up so it can't be that.

Do you mean the IRA catch-up contribution amount of $1000 for those 50+ remained the same?

NotJen

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Re: New 401K and IRA Limits for 2023!
« Reply #7 on: October 24, 2022, 03:14:05 PM »
New 401k/457/403 limit is $22.5k. Year in which you turn 50 or older it's $29k.
New IRA limit is $6.5k. Year in which you turn 50 or older it's $7.5k.

Traditional and Roth limits are the same.
Sorry, I am not following.

What are you saying is the same?  The traditional and Roth limit of _______?

The tradtional 401k limit went up so it can't be that.  The Roth 401k limit went up so it can't be that.  The traditional IRA limit went up so it can't be that.  The Roth IRA limit went up so it can't be that.

Do you mean the IRA catch-up contribution amount of $1000 for those 50+ remained the same?

I believe TomTx was trying to say the limits are the same whether you contribute to a Traditional 401k/IRA or Roth 401k/IRA.  The OP used 'Roth' where 'IRA' probably would have been more appropriate.

TomTX

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Re: New 401K and IRA Limits for 2023!
« Reply #8 on: October 24, 2022, 04:05:02 PM »
I believe TomTx was trying to say the limits are the same whether you contribute to a Traditional 401k/IRA or Roth 401k/IRA.  The OP used 'Roth' where 'IRA' probably would have been more appropriate.
++

kpd905

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Re: New 401K and IRA Limits for 2023!
« Reply #9 on: October 24, 2022, 04:53:29 PM »
At least they didn't say ROTH.

Silrossi46

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Re: New 401K and IRA Limits for 2023!
« Reply #10 on: October 24, 2022, 04:59:20 PM »
457b double catchup will be 45,000 then nice!  And 7500 Roth for over  50 woohooo

simonsez

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Re: New 401K and IRA Limits for 2023!
« Reply #11 on: October 25, 2022, 09:15:14 AM »
At least they didn't say ROTH.
Not sure why but this made me laugh out loud for several seconds.

Thanks @NotJen and @TomTX , just wanted to make sure I was understanding!

TomTX

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Re: New 401K and IRA Limits for 2023!
« Reply #12 on: October 25, 2022, 11:00:43 AM »
Looks like I can contribute up to $67.5k next year...