Is it worth reloading 5.56 or 223?

If you like loads that use the powder you like, the bullet you prefer and have the best accuracy tuned to your rifle and you don't mind the work it takes to do all that then yes it is both financially and emotionally worth it to reload the 223/556.
If, on the other hand, you find factory ammo accurate and repeatable enough to suit you then you are better off not reloading.
 
I started reloading 9mm and 223 shortly after buying my press which was during an ammo panic. My M1 and 44Mag habits necessitated the press and ammo shortages steered me to reloading everything I shoot. Now I'm just in the mode of buying components and haven't thought of whether I'm spending extra money. What is 9mm and 223 going for these days? I'm reloading 223 for 18 cents/rd (Wolf bullets, H-335 and Wolf primers) and 9mm for 11 cents/rd (Xtreme bullets, HP-38, and Wolf primers). Time costs don't factor in. I work 7 days on/7 off and reloading is my relaxation time after the family goes to bed.
 
I enjoy it. But I'll add, I cost $$$ to invest in equipment to make loading high volume AR fodder worth it. While my super swager 600 rocks I really want to get a "swage it" for my 550. Should be able to rock out decap and swage real quick.
 
As noted above, the time consuming part of setting up for loading on the 550 is changing the primer size. If your press is already set up for small primers, you can swap to .223 in about 5 minutes (assuming your dies are set up on a dedicated tool head).

I may have missed the comment, but you Do Not need to use a small base sizer. Standard dies work just fine. You do need to lube the cases and there are several methods. I normally use a lube pad with RCBS lube. I can load about 300 per hour without sweat.

If you buy bulk brass, powder, primers and bullets (particularly if everything except primers are surplus), you'll save money, but whether the time is worth it is up to you. My blasting ammo accuracy varies from 1 to 2 MOA depending on gun. I also load for accurate varmint guns using my 550 and quality components.
 
I just started reloading .223. The dies have been sitting unused on the shelf for over 3 years. I bought them with the press which is mainly used for 9mm and 300BLK.

Why did I start now? Because I want to make crappy ammo. Yes, that's right. By normal standards I'm making crappy ammo. I'm running a suppressed SBR and am only interested in targets out to about 70yards. I want to run heavier bullets slow at minimum load with a fast powder. The quieter I can get it and still cycle the action, the better. High accuracy is not a concern as long as I can hit the A zone up close or a 10" plate at 70 yards. (BTW, 3" groups at 50 with a 1x red dot and bad eyes.)

I can't buy the ammo I want and even if I could making it is far less expensive. My cost to make is under $.20/round.
 
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