IRS 2023 Contribution Limits

The 2023 IRS contribution limits are out

On October 21, the IRS announced the retirement plan limits for 2023.

We’ve made it easy for you with a flyer that summarizes both the 2022 and 2023 limits.

Key highlights

The 401(k) and 403(b) maximum annual elective deferral limit has increased to $22,500.
The catch-up contribution limit for individuals age 50 and older has increased to $7,500.
The annual defined contribution limit has increased to $330,000.
The annual defined benefit plan limit has increased to $265,000.

Consistent, dedicated saving might not be glamorous, but it will give you far more freedom and control over your lifestyle down the road. Consider increasing your contribution by 1% or more. While one percent is a small percentage of your annual earnings today, after 20 or 30 years it can make a big difference in your account balance when you retire. That's because the longer you give your money a chance to grow, the better. And it works no matter how old you are—or how far off retirement is. Check out our "Save more" flyer to remind you to save, save more and know you have savings partners available.

For the complete list of 2023 limits, visit the IRS website.

Rebecca Tapia

Financial Advisor

Education & Communication Specialist

direct: (415) 808-1369

fax: (415) 778-0301

rebeccat@heffgroup.com

www.heffgroupfs.com

Rebecca Tapia is a registered representative with, and securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC, Heffernan Retirement Services and Heffernan Financial Services are separate non-affiliated entities from LPL Financial.

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Rebecca Tapia CA Insurance License #0I18899, CRD #5146175