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Retirement Planning Key Numbers

Certain retirement plan and IRA limits are indexed for inflation each year, and 2023 saw record increases in many figures. Some of the key numbers are listed below, with the corresponding limit for 2022. (The source for the 2023 numbers is IRS Notice 2022-55.)

 

  1. Must aggregate employee deferrals to all 401(k), 403(b), SAR-SEP, and SIMPLE plans of all employers; 457(b) contributions are not aggregated. For SAR-SEPs, the percentage limit is 25% of compensation reduced by elective deferrals (effectively a 20% maximum contribution).
  2. Special catch-up limits may also apply to 403(b) and 457(b) plan participants.

 

 

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Cross Border Wealth may discuss and display charts, graphs, formulas, stock, and sector picks which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. This specific information is limited and should not be used on their own to make investment decisions. 

All information provided in this article is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investment, or investment strategies. Please ensure to first consult with a qualified financial adviser and or tax professional. Further, please note that while said information has been obtained from known sources which are believed to be reliable, none of these are guaranteed.