2023 Retirement Plan Limits

October 3, 2022
Retirement Plan Limits

The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has been increased to $22,500 in 2023. Additional information regarding the new limitations can be found in the table below.

401(k) Plan Limits

401k retirement plan limits 2023

Non-401(k) Related Plan Limits

Non-401(k) Related Plan Limits 2023

Source:

irs.gov

Individuals who are age 50 or over can make annual catch-up contributions.

This material is intended for informational/educational purposes only. It should not be construed as personal investment advice. Investing involves risk and the potential to lose principal. Please contact your financial advisor for more information specific to your situation.

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