401(k)s Employee Contribution Limit Jumps by $2K from $20,500 in 2022 to $22,500 in 2023

Per CNBC

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Annual employee contributions for 401(k)s, 403(b)s, most 457 plans, and Thrift Savings will jump from $20,500 in 2022 to $22,500 in 2023.

The IRS has also increased the catch-up contribution value from $6,500 in 2022 to $7500 in 2023. Employees over age 50 can enjoy 401(k) contributions up to $30,000.

Individuals with retirement accounts outside their employer can contribute $6,500 to the IRA in 2023 up from $6,000.

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