IRA & 401(k) Contribution Limits (2023–2025)
Individual Retirement Accounts (IRA) Contributions
|
Year |
IRA (Self/Spouse) |
IRA (50 & Over) – Additional Catch-Up |
|---|---|---|
|
2023 |
$6,500 |
$1,000 |
|
2024 |
$7,000 |
$1,000 |
|
2025 |
$7,000 |
$1,000 |
401(k) & 403(b) Contribution Limits
|
Year |
Standard Contribution |
50 & Over Catch-Up |
|---|---|---|
|
2023 |
$22,500 |
$30,000 |
|
2024 |
$23,000 |
$30,500 |
|
2025 |
$23,500 |
$31,000 |
Important Note:
- IRA contributions may be reduced if either the taxpayer or spouse is covered by an employer-sponsored retirement plan.
- Catch-up contributions help individuals age 50+ maximize retirement savings.
For official IRS guidance, visit www.irs.gov.