What can you contribute this year?

457(b), 403(b), and Thrift Savings Plans

The contribution limit for employees who participate in a 457(b) plan, 403(b) plan, or the federal government’s Thrift Savings Plan is $22,500 in 2023 (up from $20,500 in 2022).

Catch-Up Contributions

The catch-up contribution limit for individuals age 50+ is $7,500 in 2023 (up from $6,500 in 2022).

Defined Contribution Plans in Total

The total contribution limit for defined contribution plans is $66,000 in 2023 (up from $61,000 in 2022).

IRAs

The contribution limit to an Individual Retirement Account (IRA) is $6,500 (up from $6,000 in 2022).

For Additional Details:

Read the IRS’ full announcement here.

Contact your RPA Financial Advisor to increase your retirement plan contributions.