This past Friday, the IRS released the new 2023 retirement contribution limits . The 401k maximum deferrals increased a record 10% from $20,500 to $22,500. Over age 50 catch up contributions went from $6,000 to $6,500. If you are over age 50, you’ll be able to defer a total of $29,000 in 2023.
Make sure to set up your deferrals starting with your first payroll of 2023. All retirement savings contributions went up for 2023. See the new 2023 limits here .
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