📈 The 2023 401(k) contribution limit is $22,500 per individual, an unprecedented increase of $2,000. If you are 50 or older, you can make catch-up contributions up to $7,500.
The past couple of years have been challenging for almost everyone invested in stocks or bonds, including anyone saving for retirement through employer-sponsored plans. With markets down across the board and historic inflation squeezing American paychecks by driving up the price of rents and groceries,
Taking stock of what you can control, and what you cannot, can help you gain perspective so you can focus on what’s within your power. For retirement savers, that means continuing to save in your retirement account and making sure you’re contributing enough to get the full employer match, if it’s offered.
In the five years that follow a balanced portfolio losing more than 20%, that same mix historically generated annualized returns of 13%. This potential for a rebound is a reminder why it’s important to stay in the market and continue making contributions while funds are at lower values.The 2023 401 contribution limit is $22,500 per individual, an unprecedented increase of $2,000 more than last year and $5,000 more than the limit was 10 years ago.
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