IRS: These are your 401(k) and IRA contribution limits for 2023

IRS: These are your 401(k) and IRA contribution limits for 2023

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It may be time to up your 401(k) contributions. The IRS is increasing the limit by $2,000 for 2023, the agency announced Friday.

Cost of living adjustments will bring the 2023 limit to $22,500 (up from $20,500) for individual contributions to retirement accounts including 401(k)s, 403(b)s, most 457 plans and Thrift Savings Plans. Individuals 50 and older can contribute an additional $7,500, increasing for the first time since 2020. That brings the total contribution limit for those 50 and older to $30,000.

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