what is the maximum 401k contribution for 2023

For 2023, the maximum 401(k) contribution for employees is $22,500. If you are age 50 or older, you can take advantage of an additional catch-up contribution of $7,500 for a total of $30,000. These individual employee limits are cumulative across multiple 401(k) plans. If you leave one job in order to start a new position in calendar year 2023, your total combined contributions to plans at both employers are limited to $22,500, or $30,000 if you’re 50 or older. The maximum total contribution for employees under 50 is $66,000, including salary deferrals, Roth 401(k) contributions, employer contributions, and personal non-tax-deductible (not Roth) contributions if allowed by your plan. If you are 50 or older, the maximum total is $73,500 including up to $7,500 in catch-up contributions.