The Internal Revenue Service announced retirement plan contribution limits for 2023.
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 Deferrals | 2023 |
| 401(k), 403(b), 457(b) Plans | $22,500 |
| SIMPLE IRAs | $15,500 |
| IRA Contribution Limits | 2023 |
| IRAs (Traditional or Roth) | $6,500 |
| Additional "Catch Up" Limits | 2023 |
| 401(k), 403(b), 457(b) | $7,500 |
| SIMPLE IRAs | $3,500 |
| 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 |