The catch-up contribution limit for individuals age 50+ is $7,500 in 2023 (up from $6,500 in 2022).
The total contribution limit for defined contribution plans is $66,000 in 2023 (up from $61,000 in 2022).
The contribution limit to an Individual Retirement Account (IRA) is $6,500 (up from $6,000 in 2022).
Read the IRS’ full announcement here.
Contact your RPA Financial Advisor to increase your retirement plan contributions.