2023 Retirement Plan Contribution Limits

The Internal Revenue Service announced retirement plan contribution limits for 2023.

Rebecca Bitting, Trust Officer

As retirement plan investors will notice, the changes are more significant than in past years. First, the overall contribution limits for most retirement plans including 401(k) Plans, Simple IRAs, Traditional IRAs and Roth IRAs have increased. Second, the catch-up contribution limits of 401(k) Plans and Simple IRAs experienced a nice jump although Traditional IRAs and Roth IRAs remained unchanged.

If you have questions or would like more details, please contact our Certified Retirement Services Professional (CRSP), Rebecca Bitting at  563.388.2575.

Contact Rebecca: 563.388.2575

2023 Contributions
Elective Deferrals2023
401(k), 403(b), 457(b) Plans$22,500
SIMPLE IRAs$15,500
IRA Contribution Limits2023
IRAs (Traditional or Roth)$6,500
Additional "Catch Up" Limits2023
401(k), 403(b), 457(b)$7,500
IRAs (Traditional or Roth)$1,000
Roth IRA Compensation Limits 2023
Single$138,000 - $153,000
Married Filing Jointly$218,000 - $228,000
Married Filing Seperately$0 - $10,000