You can contribute even more to your 401(k) Savings Plan account in 2023, due to IRS increases to the annual contribution limits. Secure your future by saving extra money this year!
As you can see in the table below, the IRS contribution limits for 2023 are significantly higher than in 2022. Take a look at the new limits and determine whether your current 401(k) Savings Plan contribution rate meets your goals.
| Contribution limits | 2023 | 2022 |
|---|---|---|
| Employee contribution limit (Pretax and/or Roth) | $22,500 $30,000 for those age 50 or older |
$20,500 $27,000 for those age 50 or older |
| Total employee plus employer contribution limit | $66,000 $73,500 for those age 50 or older |
$61,000 $67,500 for those age 50 or older |
| Compensation limit for calculating contributions | $330,000 | $305,000 |