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Retirement Plan Contribution Limits for 2023

During the working phase of life, it is important to save for retirement using the type of retirement accounts that are best for your situation. Remember there are different rules for qualifying to use retirement accounts through your employer, versus individual retirement accounts that you can use outside of work.

The contribution limits for company retirement plans have increased in 2023, The annual catchup provisions for Traditional IRA and Roth IRA accounts for people 50 and older remains unchanged at $1000 and has increased from $6500 to $7500 for 401(k), 403(b) and 457 accounts.

The following contribution limits in 2020 will remain unchanged in 2021:

The following contribution limits in 2023 are:

  • Traditional and Roth IRA Contribution Limit - $6,500/year (people under 50 years old)
  • Traditional and Roth IRA Contribution Limit - $7,500/year (people 50 and older)
  • 401(k) Contribution Limit - $22,500/year (people under 50 years old)
  • 401(k) Contribution Limit - $30,000/year (people 50 and older)
  • Annual income limits to be eligible to contribute pretax to a Traditional IRA and to a Roth IRA have also increased.  

Many 401(k) plans have the option to make contributions pretax or post-tax. If you have questions on which is best for you, contact us to discuss this further.

Contact us to maximize your retirement contribution opportunity.

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