RDFA Release: 2023 401(k), 403(b) and IRA Limits

October 23, 2022

The IRS recently released the updated figures for retirement plan contributions that will apply in 2023.  Here is the press release from the IRS with all of the details:

2023 401(k), 403(b) & IRA Limits

We are seeing large increases, with allowable contributions into 401(k) and 403(b) accounts increasing from $20,500 to $22,500.  IRA contributions jump from $6,000 to $6,500.

The catch-up contribution amount for those over age 50 increases from $6,500 to $7,500 in 401(k) and 403(b) accounts.  This means a total allowable contribution of $30,000 in 2023 for those over age 50.  IRA catch-up contributions remain unchanged at $1,000.

Other important information is shown in the article above.  Should you have any questions at all, please feel free to let us know.

Enjoy your Sunday!