ARTICLE
25 October 2022

IRS Announces Largest Ever Increase In Contribution Limits For 2023

SG
Shipman & Goodwin LLP

Contributor

Shipman & Goodwin’s value lies in our commitment -- to our clients, to the profession and to the community. We have one goal: to help our clients achieve their goals. How we accomplish it is simple: we devote our considerable experience and depth of knowledge to understand each client’s unique needs, business and industry, and then we develop solutions to meet those needs. Clients turn to us when they need a trusted advisor. With our invaluable awareness of each client’s challenges, we can counsel them at every step -- to keep their operations running smoothly, help them navigate complex business transactions, position them for future growth, or resolve business disputes. The success of our clients is of primary importance to us and our attorneys invest meaningful time getting to know the client's business and are skilled in the practice areas and industry sectors critical to that success. With more than 175 attorneys in offices throughout Connecticut, New York and in Washington, DC, we serve the needs of
Today, the IRS announced the 2023 contribution limits for 401(k), 403(b) and most 457 plans, which will be $22,500 in 2023, up from $20,500.
United States Employment and HR

Today, the IRS announced the 2023 contribution limits for 401(k), 403(b) and most 457 plans, which will be $22,500 in 2023, up from $20,500. The catch-up contribution limit, for employees age 50 and older, will increase to $7,500, up from $6,500. This is being touted as the biggest increase ever in the deferral limits for these defined contribution plans, and will allow employees who are 50 and over to put away $30,000 for their retirement next year.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More