Sugden Wealth Management

Retirement Contributions for 2023

The IRS announced new contribution limits for retirement savings for 2023.  Individuals can contribute $22,500 into 401(k) plans in 2023, up from $20,500.  For employees 50 and older, the catch-up contribution amount increases to $7,500 from $6,500.  IRA contributions are increased to $6,500 with catch-up contributions of $1,000.

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