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2023 Retirement Plan Contribution Limits Thumbnail

2023 Retirement Plan Contribution Limits

Investment Retirement Funding Insights

The IRS has released the 2023 inflation-adjusted contribution limits into retirement plans along with phase-out ranges.

One quick note before you check out the chart below:

Make sure you take purposeful decisions around where you are putting your money.  It may make sense to not put all your money into a retirement account.

Here are some considerations:

  • How much access to cash do you have?
    1. If you don’t have 6-12 months of your gross income accessible to you, you may want to consider saving some money into savings or just a standard investment account.
  • Should you put money into a traditional retirement plan (pre-tax dollars) or a Roth retirement plan (after-tax dollars)
    1. If all your money is in one style of account and taxes go in the wrong direction for you, it may not have been a great decision.
  • Do you have balance?
    1. Have your money in different tax style buckets.   Meaning, some of your money in tax-deferred, some in tax-free and some in taxable.  This allows for flexibility depending on where taxes go in the future.


 2023 Contribution Limits

Catch up amount (Age 50 or older)$7,500
Catch up Amount (Age 50 or older)$1,000


Phase-out ranges and income cap (with a retirement plan at work)

If either taxpayer or their spouse is covered by a workplace retirement plan during the tax year, the maximum amount they can contribute to a traditional IRA may be reduced (phased out) to zero, depending on filing status and income.

(Note- If neither spouse is covered by a retirement plan at work, the phase-out rule doesn’t apply)            

                                                                                 Begins                                                                      Ends

Single taxpayers$73,000$83,000
Married taxpayers$116,000$136,000


 Phase-out ranges for Roth IRAs         

                                                                                   Begins                                                                    Ends

Single taxpayers   $138000               $153000  
Married taxpayers       $218000      $228000            




Ryan Burklo is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 333 N. Indian Hill Blvd., Claremont, CA 91711. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly-owned subsidiary of Guardian. Quantified Financial Partners is not an affiliate or subsidiary of PAS or Guardian. This material contains the current opinions of the author but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. This article was written by an independent third party. It is provided for informational and educational purposes only. The views and opinions expressed herein may not be those of Guardian Life Insurance Company of America (Guardian) or any of its subsidiaries or affiliates. Guardian does not verify and does not guarantee the accuracy or completeness of the information or opinions presented herein. AR Insurance License #15319412CA Insurance License #0K249242022-146390 Exp 11/2024