Retirement Contribution Limits for 2023

October 24, 2022
Retirement Contribution Limits for 2023

The IRS just announced the 2023 contribution limits for qualified retirement plans which include significant increases.

Notably, the employee contribution limit is rising almost 10% to $22,500. The catch-up contribution for individuals 50 or older is increasing by $1,000 to $7,500.

The defined contribution limit which is the combined total between employee and employer contributions is climbing to $66,000 which is an increase of $5,000.

The employee compensation limit which restricts the amount of compensation eligible for calculating contributions is going up by $25,000 to $330,000.

Source: IRS.gov

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