Every year the IRS adjust things like brackets, deductibles, retirement plan limits, and etceteras. 2023 is no exception and, with inflation at-or-near double digits, these adjustments are worth paying attention to. A few highlights:

401k Limits

The headliner for this crowd is we’ll be seeing increased limits for 401k contributions. Individuals will now be able to contribute up to $22,500 in 2023 – up quite a bit from 2022’s $20,500 limit. The 50+ crowd – eligible for the “catch up” contribution limit – sees there limit rise to $30,000 in 2023.

Other retirement account contribution limits were raised as well. Check out this article from the Hill for further details.

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