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)