A lot of changes have been made to retirement plans in 2022 and 2023. Specifically, changes in rules and regulations have been made in the contribution limits to IRA and 401k. With these new revisions, it’s more important than ever for business owners to be educated and empowered to make informed decisions about their retirement savings—ensuring they’re maximizing the benefits available to them.
In this episode, we discuss the recent changes to the 401K and IRA contribution limits for 2023. We explore how business owners can take advantage of those changes and maximize their retirement savings. We dissect the different rules for people over the age of 50 and for married employees in 2023. We also offer tips on deciding which retirement plan to use and explain how working with professionals can help you choose a retirement plan that works best for you.
“If I were a fledgling business, I might look into a simple IRA first to get myself and my employees in the process. After a year or two of business growth, I may consider a 401k plan and profit sharing.” – Derek Dall’Olmo
This week on Traversing Entrepreneurship
- Contribution limits for 401k and other workplace retirement plans in 2023
- Max contribution limits for people over the age of 50
- 401k match and profit sharing strategy
- How having a retirement plan in place benefits business owners
- Utilizing retirement plans to lower taxable income
- What catch-up contribution limits are
- Simple IRA retirement plans and their catch-up contribution limit for employees over 50 years old
- Contribution limits for Roth and traditional IRAs
- Different rules for Active Participants in workplace retirement plans
- Roth IRA rules for married people in 2023
- Deciding what retirement plan to use
Resources Mentioned:
Our Favorite Quotes
“Perhaps you can start with a simple IRA and once you’re generating more revenue, a 401k can make more sense for you.” – Melissa Niedzielski
“Utilizing a retirement plan like a 401k is a great tool to lower taxable income and increase net worth at the same time” – Derek Dall’Olmo
“You can get in more money than just the contribution limit, but anything above that limit has to come from the employer themselves.” – Derek Dall’Olmo
About TreMonte and Traversing Entrepreneurship Podcast
Traversing Entrepreneurship is a show for and about business owners in Traverse City, Michigan and beyond. In each episode, co-hosts Derek Dall’Olmo and Melissa Niedzielski sit down with local business owners and the professionals who serve them to talk about business building, life, money, taxes, family — and all the ups and downs that come with doing something different. Join us to hear their stories and lessons learned — and to get inspired about what might be possible in your own business.
Derek and Melissa work together at TreMonte Financial Consultants, LLC and TreMonte TreMonte Tax Solutions, LLC (together referred to as “TreMonte”). TreMonte works with business owners and entrepreneurs to develop a proactive tax strategy that maximizes after-tax profits. It is TreMonte’s goal to bridge the gap between Financial Advisors and Accountants by serving as CFO to their clients.
This show is for informational purposes only and should not be viewed as personalized financial, investment, tax, or legal advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.
Please email Derek Dall’Olmo at derek@tremontefinancial.com with questions and comments or to schedule a one-on-one conversation.
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