diff --git a/charts/postgres/Chart.yaml b/charts/postgres/Chart.yaml
index 49d601b22c33e0f32b9d086f7a64f6d4729c84e1..6106171e55b28d44a4e678e3414e75aa0f0a86f5 100644
--- a/charts/postgres/Chart.yaml
+++ b/charts/postgres/Chart.yaml
@@ -7,6 +7,6 @@ type: application
 maintainers:
   - name: groundhog2k
 
-version: "0.4.6"
+version: "0.5.0"
 
-appVersion: "15.4"
+appVersion: "16.0"
diff --git a/charts/postgres/README.md b/charts/postgres/README.md
index 6b1799009216e353ca270c2a4a631cf72e9e5c5a..62224fd8fcdd4a640cb9abdd075808404139c067 100644
--- a/charts/postgres/README.md
+++ b/charts/postgres/README.md
@@ -1,6 +1,6 @@
 # PostgreSQL
 
-![Version: 0.4.6](https://img.shields.io/badge/Version-0.4.6-informational?style=flat-square) ![Type: application](https://img.shields.io/badge/Type-application-informational?style=flat-square) ![AppVersion: 15.4](https://img.shields.io/badge/AppVersion-15.4-informational?style=flat-square)
+![Version: 0.5.0](https://img.shields.io/badge/Version-0.5.0-informational?style=flat-square) ![Type: application](https://img.shields.io/badge/Type-application-informational?style=flat-square) ![AppVersion: 16.0](https://img.shields.io/badge/AppVersion-16.0-informational?style=flat-square)
 
 ## Changelog
 
diff --git a/charts/postgres/RELEASENOTES.md b/charts/postgres/RELEASENOTES.md
index 9ac5588b485449035bedb14ff8bc453efa190bab..d4d129f46504e3bec81e51723ed1fb5375634236 100644
--- a/charts/postgres/RELEASENOTES.md
+++ b/charts/postgres/RELEASENOTES.md
@@ -34,4 +34,5 @@
 | 0.4.4 | 15.2 | Updated default security context |
 | 0.4.5 | 15.3 | Upgraded to Postgres 15.3 |
 | 0.4.6 | 15.4 | Upgraded to Postgres 15.4 |
+| 0.5.0 | 16.0 | Upgraded to Postgres 16.0 |
 | | | |