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Message
401(k) Contribution Limits Increase to $22.5k for 2023
Posted on 10/21/22 at 6:12 pm
Posted on 10/21/22 at 6:12 pm
IRA to $6,500.
It's about time. But still doesn't keep up with inflation even if it was the "largest one year increase since 2007".
2023 IRA Contribution Limits
It's about time. But still doesn't keep up with inflation even if it was the "largest one year increase since 2007".
2023 IRA Contribution Limits
This post was edited on 10/21/22 at 6:17 pm
1
Posted on 10/21/22 at 6:22 pm to Sgt_Lincoln_Osiris
I never understood why IRAs didn’t have the same contribution limit as 401ks/403bs, especially if one doesn’t have a retirement plan through work. 
Posted on 10/21/22 at 6:51 pm to buckeye_vol
quote:
I never understood why IRAs didn’t have the same contribution limit as 401ks/403bs, especially if one doesn’t have a retirement plan through work.
Let me help you. Taxes. They don't want you not paying taxes which they know will go up. Also in the event of death. Programs like Roth do not have the 10 to empty rule. Your hikers could withdraw slowly at a rate that helps them with taxes. However the government knows the 10 year rule puts your hier in the higher bracket. Therfore paying more of your and thier money in taxes
Posted on 10/21/22 at 7:45 pm to buckeye_vol
quote:
if one doesn’t have a retirement plan through work
They would presumably be self-employed and have equivalent or possibly better options (SEP, Solo 401k, etc). You’re right in the case of someone who is employed with no retirement plan, but I would think that situation is extremely rare for those who make enough to worry about maxing out contributions.
This post was edited on 10/21/22 at 7:54 pm
Posted on 10/21/22 at 7:59 pm to TeaParty
quote:
Programs like Roth do not have the 10 to empty rule.
The rules changed in 2019 with the Secure Act. Inherited IRAs (including Roth) must be depleted within 10 years unless you fall under one of the exceptions: spouse, minor child, disabled, less than 10 year age difference.
Posted on 10/21/22 at 8:18 pm to gpburdell
quote:
The rules changed in 2019 with the Secure Act. Inherited IRAs (including Roth
Interesting update. Thanks. More to the point they want to tax everything and they want it soon
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