How much can you contribute to a 401(k) in 2023?

The IRS has released 2023 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. ( IR 2022-188 ; Notice 2022-55, 2022-45 IRB) For 2023, the amount an individual can contribute to a 401 (k), 403 (b), and most 457 plans increases to $22,500, up from $20,500 in 2022.

What is the new 401(k) contribution limit?

The contribution limit for employees who participate in 401 (k), 403 (b), most 457 plans and the federal government's Thrift Savings Plan will increase to $22,500. The limit on annual contributions to an IRA will increase to $6,500.

How much money can a 401(k) employee make in 2024?

About a fifth of 401 (k) plans allow employees to make these kinds of contributions, which are still subject to the 2024 maximum of $69,000, or $76,500 if you 50 or older. We are committed to protecting your experience & information. No spam calls, Zoe will only contact you to assist with your engagement.