Are you a saver or a spender? Savers have good news for 2023 with increases to the IRS limits on retirement savings. For a 401(k) plan, the annual limit will be $22,500 for most people (up from $20,500), plus an additional $7,500 for those 50 and older (up from $6,500). For IRAs, the limit increases to $6,500, but catch-up contributions remain at $1,000.

High earners who have excess money to save can deposit more in after-tax contributions. The overall limit, including elective deferrals and employer match money, is $66,000 for most and $73,500 for those 50 and older. Not all plans allow for these additional contributions.

See the complete details regarding income ranges, SIMPLE retirement accounts, and more at irs.gov

If you would like to simplify your various retirement accounts, Asset Advisors can guide you through a 401(k) rollover and other tricky IRA considerations. Give us a call today at (706) 650-9900.