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IRS announces 2023 limits

The Internal Revenue Service announced the 2023 contribution limits for retirement plans.

The salary deferral limit for 401(k) and 403(b) plans will have a $2,000 increase to $22,500, and the catch-up provision for participants aged 50 or over will increase from $6,500 to $7,500. That means participants age 50 and over may have salary deferrals totaling $30,000.

The amount individuals can contribute to their SIMPLE retirement accounts is increased to $15,500, up from $14,000.

Annual IRA contributions increased to $6,500 from $6,000, and the catch-up provision remained unchanged at $1,000.

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