If you’re 50 or older, the amount you can contribute annually to your 401(k) or IRAs increases. The amount you can contribute annually to an HSA (Health Savings Account) increases once you’re 55 or older.
Catch-up contribution limits for 2023 are:
- $7,500 for employer-sponsored plans like a 401(k) or 403(b), for a total contribution limit of $30,000
- $1,000 for traditional and Roth IRAs (individual retirement account), for a total contribution limit of $7,500
- $3,500 for SIMPLE IRAs, for a total contribution limit of $19,000
- $1,000 for HSAs per account holder, for a total contribution limit of $4,850 for individual coverage and $8,700 for family coverage
See how these catch-up contributions can make a meaningful difference in your retirement income.
Learn how we can help you plan for retirement.
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