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News you can use: Check the latest edition of the SRP Newsletter
The prior Newsletter issues are listed below:
Educate yourself on the importance of saving for your retirement, the three sources of retirement income, basic investment principals and the resources available to help you. Contributions and Limits
The Internal Revenue Code limits the annual contributions you can make to a 403(b) plan and a 457(b) plan. The limits may be adjusted each year.
The 2023 deferral limits are as follows:
403(b) Plan
Elective deferral limit $22,500
Age 50 catch-up $7,500457(b) Plan
Elective deferral limit $22,500
Age 50 catch-up $7,500Roth 403(b) Plan
Elective deferral limit $22,500
Age 50 catch-up $7,500Roth 457(b) Plan
Elective deferral limit $22,500
Age 50 catch-up $7,500Note: Roth 403(b) and Roth 457(b) options are included in the annual deferral limits
The 2022 deferral limits are as follows:
403(b) Plan
Elective deferral limit $20,500
Age 50 catch-up $6,500457(b) Plan
Elective deferral limit $20,500
Age 50 catch-up $6,500Roth 403(b) Plan
Elective deferral limit $20,500
Age 50 catch-up $6,500Roth 457(b) Plan
Elective deferral limit $20,500
Age 50 catch-up $6,500Note: Roth 403(b) and Roth 457(b) options are included in the annual deferral limits
For more information about the Roth click here.
Both permanent and temporary employees may contribute either a percentage of pay or a flat amount, starting with as little as $1 per pay period.
AACPS Newsletter - Retirement Check-up.
Managing Your Money (And More) Online...Securely
Risks, Returns and Your Retirement Money
Know Your Retirement Plan: Glossary of Terms
403(b) or 457(b)? Understanding Your Options
National Save For Retirement Week
Saving Strategies for Retirement
Managing Investments in Time of Market Turbulence
Save For Retirement and Reduce Taxes
Articles to understand saving for retirement and how you can make the most of it:
Learn more about planning for retirement on these external websites.
www.choosetosave.org Tips on how to save for retirement including the ballpark estimate feature that can help you figure out how much you will need for retirement.
Know a good retirement planning site? Send your ideas to benefits@aacps.org.
