IRS Limits on Retirement Benefits and Compensation.
As published in IRS News Release IR-2022-188, Oct. 21, 2022.
Greetings All,
Hope everyone is doing well.
I’ve attached the IRS 2023 limits on contributions and compensation. No one likes inflation, however as a result the IRS did increase the contribution limits significantly. 401(k)’s went from $20,500 to $22,500, and catch-up contributions went from $$6,500 to $7,500 for 401(k)’s.
As always let me know if you or anyone else has questions.
Thanks,
Kevin Donahue CRPC ®, AIF®
Risen Son Financial
