{"id":12513,"date":"2023-06-21T14:10:17","date_gmt":"2023-06-21T14:10:17","guid":{"rendered":"https:\/\/zacksim.com\/blog\/?p=12513"},"modified":"2023-06-21T14:10:18","modified_gmt":"2023-06-21T14:10:18","slug":"mitch-walks-through-key-retirement-plan-changes-for-2023","status":"publish","type":"post","link":"https:\/\/zacksim.com\/blog\/mitch-walks-through-key-retirement-plan-changes-for-2023\/","title":{"rendered":"Mitch Walks Through Key Retirement Plan Changes for 2023"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Tessa O. from Lewiston, ID asks: <\/em>Hello Mitch, I\u2019m wondering if you could provide a \u201cneed to know\u201d rundown of retirement plan changes. Like how much folks can save, what\u2019s different from before, and so on. I know there is new legislation, but I get lost in the details. Any help would be appreciated!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mitch\u2019s Response:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks for emailing your question, Tessa, and not to worry! Even financial experts can find new legislation a bit head-spinning, especially when there are myriad rule changes as we saw recently with SECURE 2.0 Act (which includes the retirement plan changes Tessa refers to in her question).<sup>1<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, SECURE 2.0 contains over 90 different provisions that affect retirement-savings plans like IRAs, Roth IRAs, and employer-sponsored retirement plans. It\u2019s also true that not all of the changes take effect this year or even next \u2013 they are spread out between now and 2027.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u><a href=\"https:\/\/go.steadyinvestor.com\/arrow-8-retirement-mistakes?source=blog&amp;medium=website&amp;term=mitchsmailbox_blog_06_22_2023&amp;content=8_retirement_mistakes\">Retirement Mistakes You Should Avoid!<\/a><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many investors fall prey to common mistakes like trying to time the market. Chasing the heat isn\u2019t recommended for long-term investors, especially those who are preparing for retirement.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To help you avoid mistakes like these, we have created our guide <em>8 Retirement Mistakes You Need to Avoid.<\/em> This guide will dive into common mistakes such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Is Your Portfolio Too Conservative?<\/li>\n\n\n\n<li>Trying to Time Markets<\/li>\n\n\n\n<li>Lack of Diversification<\/li>\n\n\n\n<li>Not Knowing How to Adjust Lifestyle After Retirement<\/li>\n\n\n\n<li>Switching Strategies Too Often<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you have $500,000 or more to invest and want to learn more, click on the link below to get your free copy:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u><a href=\"https:\/\/go.steadyinvestor.com\/arrow-8-retirement-mistakes?source=blog&amp;medium=website&amp;term=mitchsmailbox_blog_06_22_2023&amp;content=8_retirement_mistakes\">Download \u2013 <em>8 Retirement Mistakes You Need to Avoid<sup>2<\/sup><\/em><\/a><\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In short, it\u2019s understandable that the details of the new law are overwhelming. To keep things straightforward, I\u2019ll focus my response solely on what you need to know for 2023.<sup>3<\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s start an overview of retirement plan contribution limits for 2023:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>401(k), 403(b), and 457 plans \u2013 contribution limit increased to $22,500\n<ul class=\"wp-block-list\">\n<li>For those over 50, the catch-up contribution limit is increased to $7,500<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Traditional IRAs \u2013 contribution limit increased to $6,500<ul><li>Over 50 catch-up contributions of $1,000 allowed<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>If you\u2019re covered by a retirement plan at work, your contributions to traditional IRAs may not be fully tax deductible, depending on your income level<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Roth IRA contribution limits are the same as Traditional IRAs<ul><li>A person\u2019s ability to contribute to a Roth IRA depends on their income level. For single filers, any income above $153,000 means you can\u2019t contribute.<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>For married filing jointly, the top income limit is $228,000.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The above contribution limits are for 2023 as per the IRS \u2013 they were not adjustments made by SECURE 2.0. Here\u2019s a summary of 2023 rule changes from the legislation, which I would say are \u201cneed to know\u201d:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Required Minimum Distribution (RMD) age increases to 73, and will increase again to 75 starting in 2033.<\/li>\n\n\n\n<li>The $1,000 catch-up contribution limit for IRAs and 401(k)s (for those age 50 and older) will be indexed for inflation starting next year.<\/li>\n\n\n\n<li>The penalty for missing an RMD payment was formerly 50%, but that has been reduced by half to 25% and can be pulled down to 10% if a person tries to resolve the issue on a timely basis.<\/li>\n\n\n\n<li>For small business owners, Roth (after tax) contributions can be made to SEP IRA and Simple IRA plans.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">There are of course several more provisions to note, but since it seems that you\u2019re still focused on saving, I\u2019d say these are the key ones to note.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investors preparing for retirement should also be aware of common investing mistakes to better plan for their financial future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We believe that there are eight common retirement mistakes that investors should avoid.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you have $500,000 or more to invest and want to learn more, click on the link below to download our latest guide: <em><strong><a href=\"https:\/\/go.steadyinvestor.com\/arrow-8-retirement-mistakes?source=blog&amp;medium=website&amp;term=mitchsmailbox_blog_06_22_2023&amp;content=8_retirement_mistakes\">8 Retirement Mistakes to Avoid<\/a><\/strong><sup>4<\/sup>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Secure 2.0 Act contains more than 90 provisions that affect retirement savings plans\u2014here are the key changes you should know. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[66,71],"tags":[],"class_list":["post-12513","post","type-post","status-publish","format-standard","hentry","category-mitchs-mailbox","category-private-client-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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