2023 Plan Contribution Limits Announced by IRS

Blake Faust

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.

Plan Contribution Limits: 2022 vs 2023

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.



Sources and References

  1. IRS News Release “401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500”: https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500
  2. IRS Notice 2022-55: https://www.irs.gov/pub/irs-drop/n-22-55.pdf


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About The Author

Blake Faust

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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