Feb 07, 2023
.jpg)
Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in the above plans. This limit has increased to $7,500, up from $6,500. Therefore, participants in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,000, starting in 2023.
The amount individuals can contribute to their SIMPLE retirement accounts is increased to $15,500, up from $14,000.The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans is increased to $3,500, up from $3,000.
IRAs are also going up. The limit on annual contributions to an IRA increased to $6,500, up from $6,000. The IRA catch‑up contribution limit for individuals aged 50 and over is not subject to an annual cost‑of‑living adjustment and remains $1,000.
Phase-out ranges adjusted
The IRS has also reminded taxpayers that they can deduct contributions to a traditional IRA only 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. However, if neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply. The IRS has listed the new ranges on its site. The IRS has also announced Roth IRA changes, which again, are listed on the IRS site.
The income limit for the Saver's Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $73,000 for married couples filing jointly, up from $68,000; $54,750 for heads of household, up from $51,000; and $36,500 for singles and married individuals filing separately, up from $34,000.
Full details are available in IRS Notice 2022-55.
©2023
Jul 02, 2026
You finally narrowed a large job applicant pool down to several strong candidates. The interview process will give you insights into your prospective employee. Read through for pro tips on how to conduct job interviews to find the best match for your team.
Jul 01, 2026
U.S. companies are broadly scaling back nonwage compensation, from suspending discretionary 401(k) matches to trimming paid time off and reducing parental leave. However, these savings can come with costs companies didn't anticipate. Read through to weigh the risks before your business makes any changes.
Jun 30, 2026
How do you track your employees' time and attendance? It's easier said than done, but modern companies have options. Read through to see how to manage pay, appropriately compensate employees for their work and eliminate bottlenecks in payroll.
Jun 29, 2026
Pay transparency is a step in the right direction toward achieving wage equity and eliminating discriminatory practices. Read through to learn why implementing pay transparency matters for your business.
Jun 04, 2026
Interviewing candidates for jobs is more complicated today than it once was. Artificial intelligence, social media screening, online interviews and traditional in-person meetings all now coexist in the hiring process. For both employers and candidates, staying current is essential. Read through for guidance on adapting interview practices to today's realities.
Jun 03, 2026
The Fair Labor Standards Act, enforced by the U.S. Department of Labor, establishes exempt and nonexempt categories for employees. These categories determine how to handle minimum wage, overtime pay, benefits and certain recordkeeping requirements. Read through to learn more about correctly applying these categories.
More News & Press can be found in our Archive.
