2023 Retirement Plan Contribution Limits
The Internal Revenue Service (IRS) increased the limit on how much employees can contribute to their retirement plans for tax-year 2023. The limits for most defined contribution plans are listed below.
2023 Contribution Limit
(age 50 and older)
Thrift Savings Plan
|Health Savings Account||$3,850 (individual) |
|$1,000 (age 55 and older)|
*The IRS raised the phase-out limit for deductible contributions to Traditional IRAs and direct contributions to Roth IRAs. Those phase-out ranges are listed below.
|Taxpayer status||Covered status||Phase-out range for deductible IRA contributions|
|Single||Covered by a workplace retirement plan||$73,000-$83,000|
|Married couple filing jointly||Spouse covered by workplace retirement plan||$116,000-$136,000|
|Married couple filing jointly||Spouse not covered by workplace retirement plan||$218,000-$228,000|
|Married couple filing separately||Spouse covered by workplace retirement plan||$0-$10,000|
The Roth IRA income phase-out range for taxpayers making direct contributions also increased to between $138,000 and $153,000 for singles and heads of household and between $218,000 and $228,000 for married couples filing jointly.
To read about the inflation adjustments regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 check out IRS Notice 2022-55.