2023 Retirement Plan Contribution Limits

Financial Advisor Tim Hayes

Tim Hayes

Securities licensed in MA, RI, NH, ME, CT, NY, NJ, FL

The Internal Revenue Service increased the annual contribution deferrals on some popular qualified retirement plans. So you will be able to put more into your workplace retirement plan in 2023.

Name of Retirement Plan Basic Contribution Limit Age 50 and up Catch-Up Basic + Age Fifty
401(k) Retirement Plan $22,500 per year deferral $7,500 per year $30,000
SIMPLE IRA Retirement Plan $15,500 per year deferral $3,500 per year $19,000
SEP IRA Retirement Plan Cannot exceed the lesser of: 25% of compensation, or $66,000 per year N/A N/A
403b Retirement Plan $22,500 per year deferral $7,500 per year $30,000
457 Retirement Plan $22,500 per year deferral $7,500 per year $30,000
Public School Employees Are Eligible for Both a 403b and 457 $45,000 per year deferral $15,000 per year $60,000
Tim Hayes

Tim Hayes

I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser (RIA) based in Fairfield, IA. I am also registered with Cambridge Investment Research, Inc., a broker-dealer with over 3,000 registered representatives nationwide.
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