The Internal Revenue Service increased the amount individuals can contribute to their 403(b) plans in 2023 to $22,500, up from $20,500 for 2022.

The IRS technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 is available in IRS Notice 2022-55

Some important 2023 limits are provided below:

  • 401(k), 403(b), 457(b) Elective Deferrals:  $22,500  
  • 401(k), 403(b) Catch-up Contributions:  $7,500      
  • 415(c) Limit:  $66,000
  • Annual Compensation Limit:  $330,000   
  • HCE Compensation Limit:  $150,000
  • IRAs for individuals age 50 & above:  $7,500                
  • Social Security Taxable Wage Base:  $160,200

Additional Information

COLA Increases for Dollar Limitations on Benefits and Contributions (summary chart) (IRS)
401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 (IRS)