Can the New 2023 IRA Limits Make You a Millionaire?
If there's an upside to the high inflation we've felt in 2022, it's that it drove an automatic increase in the amount of money people are allowed to contribute to their IRAs in 2023 and beyond. People under age 50 will be able to contribute up to $6,500 each year to their IRAs, while those age 50+ get another $1,000 catch-up contribution, bringing the limit to $7,500.
At $6,500 (or $7,500) per year, the amount people will be able to contribute is enough to make serious progress toward a comfortable retirement. That's especially true if you're able to start early in your career and invest consistently throughout your working lifetime. Indeed, it raises a very key question: Can the new 2023 IRA limits make you a millionaire?
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Source Fool.com
