Social Security, Need to Know!

When should you retire?

How is Social Security calculated?

Retirement Plan Comparison

  • For 2022, you can contribute up to $6,000 to a Roth or traditional IRA. If you're 50 or older, the limit is $7,000. 
    • The IRA limit rises to $6,500 in 2023, or $7,500 if you're 50 or older.

  • The most you can contribute to a 401(k) in 2022 is $20,500, or $27,000 if you're 50 or older.
    • That number rises to $22,500 for 2023, or $30,000 if you're 50 or older.

  • If you have a 401(k) match, the combined limit in 2022 is $61,000, or $67,500 if you're 50 or older, or 100% of your salary if it's less than the dollar limits.
    • The 2023 limits are $66,000 and $73,500, respectively.
Newsome’s Tax & Accounting Inc. is a family owned and operated business, established in 1996, and dedicated to offering the best customer service available. is our website designed to help taxpayers and business clients quickly find accurate, easy-to-understand information, along with providing a one-stop business shop dedicated to helping clients grow their businesses.

Contact Us