facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause

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)
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 statusCovered statusPhase-out range for deductible IRA contributions 
Single Covered by a workplace retirement plan$73,000-$83,000
Married couple filing jointlySpouse covered by workplace retirement plan$116,000-$136,000
Married couple filing jointlySpouse not covered by workplace retirement plan$218,000-$228,000
Married couple filing separatelySpouse 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.

Services offered through Hurlow Wealth Management Group, Inc., a Registered Investment Adviser. Hurlow Wealth Management Group, Inc. does not provide tax, legal or accounting advice.  Advisory services are only offered to clients or prospective clients where Hurlow Wealth Management Group, Inc. and its representatives are properly licensed or exempt from licensure.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Hurlow Wealth Management Group, Inc. unless a client service agreement is in place.  
866-333-4726 |