What is the maximum annual contribution limit for Franklin Templeton retirement plans?

The maximum annual contribution limit for Franklin Templeton retirement plans, such as a 401(k) or IRA, can vary based on the specific type of account and the tax laws applicable in a given year. For example, in 2023, the contribution limit for a traditional or Roth IRA is typically limited to six thousand five hundred dollars, or seven thousand five hundred dollars for individuals aged fifty and older, allowing for catch-up contributions. For a 401(k) plan, the contribution limit is usually twenty-two thousand five hundred dollars, with a catch-up contribution of an additional seven thousand five hundred dollars for those aged fifty and older. It is important to check the most current guidelines as these limits may change from year to year. Additionally, Franklin Templeton may provide specific information about their retirement plans, so it is advisable to review their current website for any updates or further details regarding contribution limits and options.