New limits for retirement accounts in 2023

The limits for IRAs and IRA Roths increases to $6,500 ($7,500 if you are age 50 or older).

For 401k/403b/457, the limit is increasing to $22,500 ($30,000 if you are age 50 or older).

If you’re maxing out this year, don’t forget to update for 2023!

9 Responses to “New limits for retirement accounts in 2023”

  1. Michael Nitabach Says:

    I already have my contributions set up for maximum. Does this mean it will automatically go up to the new max? Or will I have to affirmatively set it to the new max?

  2. Omdg Says:

    I put an alert in my calendar to remind me to change my elections for 12/19! Thank you for these reminders!

  3. Foscavista Says:

    You know you have first world problems, when your first reaction to the new IRA amount is “But, it does not divide equally by 12 (or, in my case, 24) like the previous amount,” due to dollar cost averaging.

  4. Revanche @ A Gai Shan Life Says:

    This was the most exciting thing about open enrollment. Though that’s not saying much and who goes looking for excitement in open enrollment? (Me)

    I do wish the limits for both the 401k and the FSA would go up by a lot more. We only have the one 401k between the two of us and the FSA goes so fast when you have serious medical costs.

  5. nicoleandmaggie Says:

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