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Largely due to inflation, the amount that individuals can contribute to 401(k) plans will increase to $22,500 in 2023 (the largest increase on record), up from the current $20,500, according to the IRS. The new contribution limit, which is a 9.8% increase, includes employees who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan.
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