401K Contribution Limits 2023
401K contribution limits 2023 is still unknown, but there are some robust projections you may need to know. We have compiled every detail in this guide for you!
401k contribution limits are pretty important for many people who want to invest in their future. The revised limits on these contributions are often announced towards the end of the year. Although we are in the middle of October, we still have some weeks.
As you know, with employer-based plans such as 401(k)s, 403(b), and TSP, there is a yearly limit for the amount to be deposited during the year. In the same way, other plans such as SIMPLE IRAs, FSAs, HSAs, Roth IRAs, and IRAs also have yearly limits for deposits.
Anyone who is planning to invest in their future can deposit the maximum amount into these plans and secure their future. However, the government puts some limitations on how much you can deposit into these plans every year.
These limitations are generally determined according to the cost-of-living and inflation indices of the previous year. However, other factors affect these calculations. As we get closer to the end of the year, the inflation rate becomes more obvious, and thus, we can make better predictions for 401k contribution limits in 2023.
We have prepared a chart for you about all contributions, their 2022 limits, and possible 2023 limits. Please note that these are just predictions, and the IRS has not announced 401K contribution limits for 2023 yet. However, most experts, as well as we, are pretty sure that in 2023 the contribution limits will be as follows:
| Contribution | 2022 Limit | 2023 Projection | Projected Change |
| 401(k)/403(b) Employee Contribution | $20,500 | $22,500 | $2,000 |
| 401(k)/403(b) Catch-up Contribution | $6,500 | $7,500 | $1,000 |
| 401(k)/403(b) Total Contribution <50 | $61,000 | $66,000 | $5,000 |
| 401(k)/403(b) Total Contribution 50+ | $67,500 | $73,500 | $6,000 |
| Healthcare FSA Contribution | $2,850 | $3,050 | $200 |
| HSA Contribution (Single) | $3,650 | $3,850 | $200 |
| HSA Contribution (Family) | $7,300 | $7,700 | $7400 |
| SIMPLE IRA/SIMPLE 401(k) Contribution | $14,000 | $15,500 | $1,500 |
| SEP-IRA Contribution | $61,000 | $67,000 | $6,000 |
| Roth IRA Contribution | $6,000 | $6,500 | $500 |
| Roth IRA Catch-up Contribution | $1,000 | $1,000 | $0 |
| Traditional IRA Contribution | $6,000 | $6,000 | $500 |
| Traditional IRA Catch-up Contribution | $1,000 | $1,000 | $0 |
| 457(b) Contribution | $20,500 | $22,500 | $2,000 |
We would like to note again that these are not official numbers but predictions. The IRS has not released 401K contribution limits for 2023 yet.
