As April 18th gets nearer and you are working to both file your tax returns and make estimated quarterly tax payments, don’t forget to ensure you made the 2023 contributions to your retirement accounts.

While contributions to most 401(k), 457(b) and 403(b) plans, SIMPLE IRAs (Employee contribution), and Health Savings Accounts had to be made by the end of last year – you still have until April 18th to make a 2023 contribution to IRAs, Roth IRAs, SEP IRAs and Individual 401(k) plans. If you (or your employer) filed a tax extension, you may have until October 15th to contribute to your SEP IRA, or Individual 401 (k) plan.

We covered the new contribution limits for 2024 in our January perspective but if you still need to make a contribution for last year, here are the contribution limits for 2023 (subject to income limitations):

  • Traditional and Roth IRA – $6,500 ($7,000 age 50 or older)
  • SEP IRA – Up to 25% of compensation (limit $66,000)
  • SIMPLE IRA – $15,500 ($19,000 age 50 or older)
  • 401(k), 403(b) and 457(b) – $22,500 ($30,000 age 50 or older)

Eagle Ridge professionals welcome an opportunity to work with you to determine how you can best save for retirement as part of your Comprehensive Financial Plan.