2023 retirement contribution amounts

2023 retirement contribution amounts

The Internal Revenue Service (IRS) updates the eligibility guidelines and contribution limits for certain employer-sponsored plans and individual retirement accounts (IRAs). Higher “catch up” contribution limits are also set for those ages 50 and over who are closer to retirement.

2023 annual IRS contribution limits

Contribution type IRA 401(k), 403(b), 457
Annual contribution $6,500 $22,500
Catch-up contribution
(Age 50 and over)
$1,000 $7,500

An individual or couple’s eligibility to contribute to an IRA (like a Roth IRA), or deduct the contributions made, can be impacted by their filing status and income. These guidelines are outlined on the IRS website.

These restrictions can make it harder for those earning a higher income to save enough for retirement. Thankfully, permanent life insurance can often serve as a helpful IRA alternative to help these individuals build tax-advantaged financial resources for retirement. This brochure provides general information that should not be construed as specific legal or tax advice nor the law of any particular state. Please seek the advice of a qualified legal or tax professional for your specific situation.

Source: IRS.gov

*Limits indexed for inflation and subject to change.

D-465852 10-22