On October 21st, 2022 the Internal Revenue Service (IRS) announced the retirement plan contribution limits for 2023. Learn more about the changes for the upcoming year and download a copy of the new limits.
The chart below outlines the changes to qualified plan contribution limits from 2022 to 2023. Most notably, participants can contribute up to $22,500 in their 401(k), 403(b), and most 457 plans in the upcoming year. This amount has increased from $20,500 in 2022. Additionally, the limit on annual contributions to an IRA will increase from $6,000 to $6,500 in 2023. For more information or questions, contact your retirement plan professional or advisor.
Download and save a copy of the 2023 limits here.
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Blake Faust has nearly a decade of retirement plan industry experience and holds the Certified Financial Planner™, Accredited Investment Fiduciary®, Chartered Retirement Plan Specialist®, and Certified Plan Fiduciary Advisor™ designations.
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