What are the 2023 401(k) limits?

In 2023, employees participating in company retirement plans can contribute $22,500 to their 401(k), up $2,000 from this year. Those who don’t participate in an employee-sponsored plan will be able to contribute $6,500, up from $6,000, to an individual retirement account (IRA).

Additionally, the catch-up contribution limit for employees ages 50 and older is increasing to $7,500 in 2023, up from $6,500 in 2022. Those participants will be able to contribute up to $30,000 total. The IRA catch-up contribution limit, though, will remain at $1,000, the IRS said.