401k Catch-Up Limits Increase in 2023

So far, 2023 has proven to be a good year in the market. The S&P 500 is up over 18% year-to-date. Many people are starting to look at their 401k plans again after the dismal year of 2022. One important thing to know is about the 401k catch-up limit increase in 2023. If you’re over the age of 50, you can contribute an additional $7,500 to your 401k plan.  Considering that individuals under 50 can contribute up to $22,500, if you’re over 50, your maximum contribution this year can be $30,000. This limit does not include the amount that employers match. So, look at your current contributions, and take advantage of this 401k limit increase if you can. Surely there are a few extra dollars you can throw in there as a gift to your future self.

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Casey Smith
President, Wiser Wealth Management

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