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this post was submitted on 25 Sep 2023
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United States | News & Politics
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The amounts have changed. For 2023, the current 401K maximum is $22,500, and if you are 50 or older, $30,000.
For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than: $6,500 ($7,500 if you're age 50 or older), or. If less, your taxable compensation for the year.
Cutting the budget to come up with an extra $28,000 is the hard part.
I’m not eligible for a Roth and I don’t get a tax deduction for an Ira. I do roll over my 401k into an Ira when I go to a new employer.
The amount change ever year but they really don’t amount to a good retirement.