2023 Retirement Plan Contribution Limits
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.
Plan Type | 2023 Contribution Limit | Catch-Up Contribution (age 50 and older) |
| 401(k) 403(b) SARSEP Governmental 457(b) Thrift Savings Plan | $22,500 |
$7,500 |
| SIMPLE IRA | $15,500 | $3,500 |
| Traditional/Roth IRA* | $6,500 | $1,000 |
| Health Savings Account | $3,850 (individual) $7,750 (family) | $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.