As of 2023, the IRS raised contribution limits to $22,500 per year. If you are more than 50 years old, you can make an additional catch-up contribution of $7,500 for a total of $30,000. If your employer is offering matching contributions, total employer and employee contributions are subject to an overall annual limitation of $66,000 (for 2023) or less than 100 percent of the employee’s compensation.[1] **Ask your HR plan administrator if your employer is offering matching contributions.
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