What are the 2023 maximum 401K & IRA Contributions Limits?
The contribution limit for employees in 401(k), 403(b) and most 457 plans is $22,500. Ask the Adviser The limit on annual contributions to an IRA will increase to $6,500. The IRA catch‑up contribution limit for individuals age 50 and over is $1,000. The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b) and most 457 plans is $7,500.
The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans is $3,500 The amount individuals can contribute to their SIMPLE retirement accounts is $15,500. In most cases, you can't contribute to a tax-deductible 401(K) and IRA in the same tax year.
A Fee-Only financial planner can help you determine the best way withdraw money from a 401k plan or borrow from one. They can also help you optimize your 401k plan, review your investment selections and help you achieve your financial goals.
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