IRS raises contribution limits for retirement savings plans 401(K) - 403(B) HEAD TOPICS
IRS raises contribution limits for retirement savings plans
10/21/2022 10:11:00 PM Americans will be allowed to contribute more of their money to 401 k and similar retirement savings plans next year
401 K 403 B
Source WTVY News 4
Americans will be allowed to contribute more of their money to 401 k and similar retirement savings plans next year The IRS said Friday that the maximum contribution that an individual can make in 2023 to a 401(k) , 403(b) and most 457 plans will be $22,500. That’s up from $20,500 this year. The IRS also raised the 2023 annual contribution limits on individual retirement arrangements, or IRAs, to $6,500, up from $6,000 this year. The IRA “catch-up” contribution limit remains at $1,000, as it’s not subject to an annual cost of living adjustment, the IRS said. The changes, among others announced by the IRS Friday, make it easier for retirement savers who use these types of tax-advantaged plans to set aside more of their income toward building their nest egg. That’s especially helpful for older workers who got started saving for retirement later in life and can benefit from higher contribution limits. Read more:
WTVY News 4 » LA Opera Hosts 500 Students for Dress Rehearsal of ‘Omar' S&P 500 Futures pare weekly gains as yields dribble around multi-year high S&P 500 Futures stays bearish as Treasury yields renew multi-year high Stock-market selloff may mean another 20% drop for S&P 500, says Wall Street veteran Hacking - CNN
CNN News, delivered. Select from our newsletters below and enter your email to subscribe. Read more >> LA Opera Hosts 500 Students for Dress Rehearsal of ‘Omar'A group of 500 high school students were invited to the LA Opera on Thursday to attend the west coast premiere and final dress rehearsal of “Omar”, the LA Opera’s first mainstage opera by Black composers. S&P 500 Futures pare weekly gains as yields dribble around multi-year highTraders cheer the Friday mood as an absence of major data/events joins mixed catalysts to keep them off the table during the last day of the week. Eve anilpanchal7 BS.. fake rally not sustainable. Cash is King! S&P 500 Futures stays bearish as Treasury yields renew multi-year highRisk-aversion remains on the table during early Thursday, after returning from a break the previous day, amid fears of higher inflation and central ba Stock-market selloff may mean another 20% drop for S&P 500, says Wall Street veteranThomas Peterffy, the chairman and founder of Interactive Brokers Group, thinks the S&P 500 index could decline nearly 20% from Wednesday’s level to bottom at around 3,000. Covid lows incoming at minimum S&P 500 Index: Break above 3810/40 to open up September high of 4120 – SocGenS&P 500 has staged a sharp rebound. The index could extend its move higher on a break above the 3810/40 area, economists at Société Générale report. D Tesla Semi's 500-Mile Range Is Calculated With Cargo, Says MuskThe Tesla Semi aims to transition the trucking industry, but it has to have enough range and fast-charging capacity for it to make sense in many use cases. Game changer The world’s most credulous twitter account Are those boxes empty or contain cargo? People aged 50 and over, which have the option to make additional “catch-up” contributions to 401(k) and similar plans, will be able to contribute up to $7,500 next year, up from $6,500 this year.Updated 2 mins ago NBC Universal, Inc.n so, cautious optimism prevails as the US dollar struggles to benefit from the strong yields and risk-off mood.nkers’ aggression recalling the economic slowdown. That’s means a 401(k) saver who is 50 or older can contribute a maximum of $30,000 to their retirement plan in 2023. The IRS also raised the 2023 annual contribution limits on individual retirement arrangements, or IRAs, to $6,500, up from $6,000 this year. The opera is about the life of Omar Ibn Said, whose 1831 autobiography is the only known American narrative of slavery written in Arabic. The IRA “catch-up” contribution limit remains at $1,000, as it’s not subject to an annual cost of living adjustment, the IRS said. Also, the two-year US Treasury yields rose to the highest levels since 2007 before recently taking rounds to 4. The changes, among others announced by the IRS Friday, make it easier for retirement savers who use these types of tax-advantaged plans to set aside more of their income toward building their nest egg." The students attended through the LA Opera's Opera Prep program, which introduces local students to “the art form and prepares them for their experience at the opera,” according to a press release. That’s especially helpful for older workers who got started saving for retirement later in life and can benefit from higher contribution limits. Elsewhere, US 10-year Treasury yields refresh a 14-year high above 4. Boosting the contribution rate on a 401(k) or IRA plan, even by 1%, can make a big difference over 10 or 20 years, assuming the saver remains employed and making contributions the entire time. Get the NBC LA app for.50% intraday downside at the latest. The IRS also increased the income ranges for determining whether someone is eligible to make deductible contributions to traditional IRAs, Roth IRAs or to claim the “saver’s credit,” also known as the retirement savings contributions credit, increased for 2023. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income, the IRS said. Federal Reserve official reinforced expectations the central bank will be aggressive in hiking interest rates outweighed a flurry of solid corporate earnings,” said Reuters. The IRS has outlined the details on these and other retirement-related changes for 2023 Copyright 2022 The Associated Press. The sour sentiment could be the broadly firmer inflation numbers from Britain, Eurozone and Canada, as well as the hawkish Fed bets and pessimism conveyed by the Fed’s Beige Book. All rights reserved. Most Read .7 for October versus the -5 market consensus and -9.