401(k) Contribution Limits Expected to Increase in 2023

Starting Jan. 1, 2023, you may be able to invest more, thanks to the Internal Revenue Service increasing benefit limits for 401(k) and other qualified plans. Below is a summary of the changes:

Highlights include:

  • The 401(k) and 403(b) Maximum Annual Elective Deferral Limit has increased to $22,500.
  • The Catch-up Contribution Limit for individuals aged 50 or older has increased to $7,500.

To make it easy to explain these changes with employees, please click here for a flyer that summarizes the 2023 and 2022 limits.

For the full details on the limit changes, click here to visit the IRS website.

For more information, contact Joe Trybula at [email protected] or 800.307.0376.