ilmscore | Major Changes For Anyone With A Job (401K Explained)

Major Changes For Anyone With A Job (401K Explained)

Published: 2022-10-24
Status: Available | Analyzed

Predictions from this Video

Total: 7
Correct: 0
Incorrect: 0
Pending: 7
Unrated: 0
Prediction
Topic
Status
The 401k contribution limit will increase to $22,500 in 2023, a 9.8% increase.
"so for the 401K the limit will go up by two thousand dollars so to twenty two thousand five hundred dollars in 2023 which is about a 9.8 increase"
401k Contribution Limits
Pending
403b contribution limits will also increase to $22,500 in 2023.
"The same would be applied to 403 b accounts which is like the 401K but for non-profit and private companies"
403b Contribution Limits
Pending
Most 457 account contribution limits will also increase to $22,500 in 2023.
"The same limit will be applied to most 457 accounts if that's something that you have"
457 Contribution Limits
Pending
Individuals aged 50 and above will have their contribution limit increased to $30,000 per year for 401k, 403b, and 457 accounts in 2023.
"but the best part is that if your age is 50 and up you can play catch up and your limit will be increased to thirty thousand dollars per year which is huge"
Catch-up Contributions (Age 50+)
Pending
The IRA contribution limit will increase to $6,500 in 2023.
"Now the contribution limit for the IRA the individual retirement account which exists outside of your job has also gone up to 6.5 a half thousand dollars in 2023"
IRA Contribution Limits
Pending
The IRA catch-up contribution limit for individuals aged 50 and above will increase to $7,500 in 2023.
"and seven and a half thousand dollars for ages fifty and up which is great"
Catch-up Contributions (IRA, Age 50+)
Pending
The Roth IRA income limit will be updated to $153,000 in 2023 to account for inflation.
"now in 2023 they're updating this number to 153 000 a year to account for inflation"
Roth IRA Income Limit Adjustment
Pending