Retirement Plan Limit Increases for 2023
Dana Anspach of Sensible Money discusses the 401(k) and IRA limit increases for 2023 and the retirement law changes that will take place in 2023 in the wake of the SECURE Act 2.0 being signed into law.
Key Takeaways
- Maximize 2023 contribution limits: $22,500 for 401(k)s (age 49 and under), $30,000 with catch-up (age 50+); $6,500 for IRAs, $7,500 with catch-up; up to $66,000 for SEP plans if self-employed
- Check if you qualify for the Savers Tax Credit—married filers earning under $73,000 or singles under $36,500 can get up to $4,000 in tax credits for retirement contributions
- If age 70+, use Qualified Charitable Distributions (QCDs) to donate up to $100,000 directly to charities from your IRA without increasing your taxable income
- The RMD (Required Minimum Distribution) age increased from 72 to 73—if you turn 72 in 2023, you don't have to start taking RMDs until age 73, giving you extra time for Roth conversions at potentially lower tax rates
- New Roth options are now available: Roth SIMPLE IRAs, Roth SEP plans, and employer matching contributions can go into Roth 401(k)s—all with no income limits (unlike traditional Roth IRAs)
Retirement Plan Limit Increases for 2023: Dana Anspach of Sensible Money discusses the 401(k) and IRA limit increases for 2023 and the retirement law changes that will take place in 2023 in the wake of the SECURE Act 2.0 being signed into law. To watch more finStream videos featuring Dana Anspach, please click this link: https://www.finstream.tv/featured/dana-anspach/ or check out Dana's website: https://www.sensiblemoney.com/financial-planners/
{ "@context": "https://schema.org", "@type": "VideoObject", "name": "Retirement Plan Limit Increases for 2023 - Finstream.TV", "description": "Retirement Plan Limit Increases for 2023: Dana Anspach discusses 401(k) and IRA limit increases for 2023 and the changes taking place.", "thumbnailUrl": "https://www.finstream.tv/wp-content/uploads/2023/01/dana-anspach-2-1920.jpeg", "uploadDate": "2023-02-27T14:46:00+00:00", "contentUrl": "https://finstreamtv-videos.s3.amazonaws.com/retirement_plan_limit_increases_for_2023%20(1080p).mp4", "publisher": { "@type": "Organization", "name": "Finstream.TV", "logo": { "@type": "ImageObject", "url": "https://www.finstream.tv/wp-content/uploads/logos/FinStream-800w-red.png", "width": 1920, "height": 1080 } } }