The IRS has announced increases to next year’s maximum contribution limits. For 401(k), 403(b), and most 457 plans, the maximum contribution has increased by $2,000 to $22,500 in 2023. Participants over age 50 can also contribute an additional catch-up contribution of $7,500, raising the total contribution for that group to $30,000. For IRA holders, the maximum contribution has increased from $6,000 to $6,500; the catch-up contribution for IRAs remains the same at an additional $1,000.

You can view the IRS press release covering the changes at https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500 and the full notice with details is available at https://www.irs.gov/pub/irs-drop/n-22-55.pdf

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