Starting Jan. 1, 2023, you may be able to invest more, thanks to the Internal Revenue Service increasing benefit limits for 401(k) and other qualified plans. Below is a summary of the changes:
- The 401(k) and 403(b) Maximum Annual Elective Deferral Limit has increased to $22,500.
- The Catch-up Contribution Limit for individuals aged 50 or older has increased to $7,500.
To make it easy to explain these changes with employees, please click here for a flyer that summarizes the 2023 and 2022 limits.
For the full details on the limit changes, click here to visit the IRS website.
For more information, contact Joe Trybula at [email protected] or 800.307.0376.