IRS Announces New Limits for 2023

Yesterday, the IRS announced increased limits for retirement plan contributions for 2023 for both employer-sponsored plans and individual retirement accounts. 

Employer Sponsored Plans (401k/403b/TSP/457)

The maximum increased from $20,500 for 2022 to $22,500 for 2023. For those age 50 and over, the additional “catch-up contribution” went from $6,500 to $7,500.

Therefore, maximum contributions for those under age 50 is $22,500 while those age 50 and up can contribute up to $30,000.

Individual Retirement Accounts (IRAs)
For Traditional or Roth IRAS, the maximum contribution went from is $6,000 to $6,500 for 2023. For those age 50 and up, the “catch up” contribution remains at $1000. 

Total contributions are maxed at $6500 for those under age 50 or $7500 for those age 50 and up. These come to $541.66 per month and $625 per month, respectively, if you are making monthly contributions.

If you have already established payroll deductions to your 401k, TSP, or 403b, or automatic bank draft contributions to your Traditional or Roth IRAs, you can increase those contributions starting in January.  

Please contact your financial advisor with any questions. 

Adrianna Environmental B&W

Adrianna Rocha

Client Relations Representative

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX

Adrianna Rocha joined Kramer Wealth Managers in 2021.

Adrianna is responsible for client experiences and service. As part of the customer service team, she strives to help and provide top-notch service to our clients. As part of her role, she communicates with clients through videophone, schedules client meetings, prepares and processes forms, and gathers information for our advisors.

Adrianna Rocha graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017. Before she joined our team, she worked in the customer service industry for nearly a decade. She excels in human-to-human relations and takes pride in not only her own accomplishments, but her clients’ as well. Adrianna enjoys chatting about her slight obsession with dogs, houseplants, essential oils, and food: especially Mexican food! She is also a proud fur-mama to her beautiful Aussie-mixed pup, Ziva.

Adrianna is not registered with Osaic Wealth.