Save More for Retirement in 2023 Thanks to Higher IRA and 401(k) Contribution Limits

If you're saving for retirement, you can contribute a lot more to an IRA, 401(k), or other retirement account in 2023.

Retirement savings plan options
(Image credit: Getty Images)

IRA and 401(k) contribution limits are going up for 2023…and by a lot! That's good news for Americans who are trying to pack as much money as possible in these and other types of retirement accounts. The contribution limits are subject to adjusts for inflation every year, but they don't always rise (or go up by much) if inflation is in check. However, given the recent high inflation rates, the retirement account contribution limits jumped considerably for 2023.

And there's more good news! Increased income ranges for the traditional IRA deduction and the Saver's Credit means more Americans can save on taxes now while saving for retirement in the future.

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.