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.

How much can you contribute to a retirement plan in 2024?

The limit on total employer and employee contributions for 2024 is $69,000 ($76,500 with catch-up). The limit on total employer and employee contributions for 2023 was $66,000 ($73,500 with catch-up). The IRS adjusts retirement plan contribution limits annually for inflation.

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.