Financial List (TEST)
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Workplace accounts. Encourage clients to consider maximizing contributions to their workplace plans to take full advantage of any employer match benefit. For 2023, the maximum employee deferral for 401(k), 403(b), and 457 accounts is $22,500, and individuals ages 50 and older can defer an additional catch-up contribution of $7,500. For SIMPLE IRAs, the deferral is now $15,500 and the catch-up is $3,500.
Traditional IRAs. Maxing out contributions to traditional IRAs is another option. For 2023, the contribution limit is $6,500, or 100 percent of earned income, whichever is less, plus a $1,000 catch-up contribution for clients ages 50 and older. Modified adjusted gross income (MAGI) limits for contributions to traditional and Roth IRAs increased in 2023, so be sure to review MAGI eligibility thresholds.
Published
10.31.23
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