What are the 2023 maximum 401K & IRA CONTRIBUTION LIMITS?

The contribution limit for employees in 401(k), 403(b) and most 457 plans is $22,500. Ask the Adviser The limit on annual contributions to an IRA will increase to $6,500. The IRA catch‑up contribution limit for individuals age 50 and over is $1,000. The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b) and most 457 plans is $7,500.

The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans is $3,500 The amount individuals can contribute to their SIMPLE retirement accounts is $15,500. In most cases, you can't contribute to a tax-deductible 401(K) and IRA in the same tax year.

Our network of FEE-ONLY financial advisers, CPAs and attorneys can help you determine the most optimal dollar contribution you should make. Click Here for a FREE consultation and connect with a FEE-ONLY professional. Alternatively, visit 1800ADVISER.COM to browse biographies of individual advisers and choose one or more to connect with. 

________________

About Us

Founded in 1998, The Independent Adviser Corporation has assisted thousands of individuals, families, and businesses. We are 100% independent and objective and offer free private consultations to our clients. Our company publishes free investment research and educational materials, and when specific financial or legal advice is needed, we connect clients with a network of FEE-ONLY professionals. For more information, become a member or to schedule a free consultation, please visit our website at TheAdviser.com or 1800ADVISER.COM.