IRA & Solo 401(k) Contribution Limits

As of 2023, people 50 and under can contribute $6,500 in an IRA. The amount individuals over 50 can contribute is $7,500. For SEP IRAs the limit is $66,000.
For Solo 401(k)s the limit is $66,000 (under 50) and $73,500 (over 50). Whether you're permitted to contribute the maximum, though, will be determined by your self-employment income. Follow this link to our Solo 401(k) Contribution Calculator.

Here's a snapshot of the contribution limits:

Retirement Plan	Contribution 2023: Under 50	Contribution 2022: Under 50	Contribution 2023: 50 and Over	Contribution 2022: 50 and Over
IRA: Traditional and Roth	$6,500	$6,000	$7,500	$7,000
Solo 401(k)	$66,000	$61,000	$73,500	$67,500
SEP IRA	$66,000	$61,000	$66,000	$61,000

If you have additional questions, our experts are available at 1-800-395-5200.