The IRS has released 2023 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. For 2023, the amount an individual can contribute to a 401(k), 403(b), and most 457 plans increase to $22,500, up from $20,500 in 2022. The catch-up contribution amount, for employees 50 and older who participate in these plans, increases to $7,500 from $6,500. Therefore, participants over 50 can contribute up to $30,000 to one of these plans.
For IRAs, the amount an individual can contribute increases to $6,500 (up from $6,000 in 2022). The catch-up contribution amount remains $1,000. The amount individuals can contribute to their SIMPLE accounts increases to $15,500 (up from $14,000 in 2022). The catch-up contribution limit for SIMPLE account increases to $3,500 (up from $3,000).