401k contribution limits 2023 over 50 catch up

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What is the 401(k) catch-up contribution limit?

The catch-up contribution limit for employees age 50 and over who participate in 401 (k), 403 (b), most 457 plans and the federal government's Thrift Savings Plan will increase to $7,500. The catch-up contribution limit for employees age 50 and over who participate in SIMPLE plans will increase to $3,500, up from $3,000.

How much can you contribute to a 401(k) in 2023?

Some plans, however, will also allow employees to make additional after-tax—but non-Roth—contributions to a traditional 401 (k) account once the 2023 participant contribution limit of $22,500 (or $30,000 after age 50) is exceeded, up to the "all sources" employer-plus-employee contribution limit of $66,000 (or $73,500 after age 50).

What is the new 401(k) contribution limit?

The contribution limit for employees who participate in 401 (k), 403 (b), most 457 plans and the federal government's Thrift Savings Plan will increase to $22,500. The limit on annual contributions to an IRA will increase to $6,500.

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