For IRA and 401(k) contributors, it’s important to take notice of some significant changes to the contribution limits for 2023. Many of the limits have increased, and it may have an impact on how much you decide to save.
The contribution limits are subject to adjusts for inflation every year, but they don’t always rise (or go up by much) if inflation is in check. However, given the recent high inflation rates, the retirement account contribution limits jumped considerably this year.
You can review the key adjustments below, and by how much the maximum contributions have changed.
If you have questions about your current contribution or would like to consider a change, feel free to reach out to discuss with us!