2023 Retirement Contributions (Unofficial)

[Jluke]

Started thinking about retirement contributions for next year.

did a quick search and seeing suggestions that the:
401k limits could increase to 22.5k. (Up 2k)
IRAs could increase to 6.5k (Up 500)

and then there are catch-up contributions for 50 and over.

I always contemplate just doing 6% to get the match or maybe 10-12% and start adding more in taxable and cash.

[kork13]

I always contemplate just doing 6% to get the match or maybe 10-12% and start adding more in taxable and cash.

It depends alot on what your plans & goals are (among other factors). For example, when you plan to retire. If after age 55, then plow everything into 401k & other retirement accounts. If you'll need access to it before then, maybe emphasize Roth IRA & taxable. Or if you have a big purchase coming up (like a new home or rental property), then go lighter on retirement to send more money at cash savings & taxable investments.