Get Pumped: 2023 Roth IRA Contribution Limits Have Increased

Next year might be an ideal time to up your Roth IRA (individual retirement account) contributions. The Internal Revenue Service just released the increased contribution limits for 2023. If you qualify for a Roth IRA in 2023, this is your chance to boost your retirement savings and gain access to more tax-free income later.

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Don’t miss out on Roth IRA benefits in 2023

If you’re looking to enjoy tax-free wealth during retirement, a Roth IRA can get you started on the right path. Established in 1997, the Roth IRA is loaded with many benefits that are hard to find in the retirement world. Here are a few:

You can pay your tax bill up front and collect tax-free income during retirement.
Your Roth IRA can be used to pay for college or buy a home.
The money you contribute to a Roth IRA can be invested in individual stocks, exchange-traded funds (ETFs), and other assets of your choice.

A Roth IRA is very appealing, but there are annual contribution limits.

Roth IRA contribution limits are rising in 2023

The IRS releases inflation-adjusted retirement contribution amounts every year. For 2019 through 2022, the Roth IRA contribution cap remained at $6,000 for people under 50.

For 2023, the IRS is kicking it up, letting savers under 50 contribute up to $6,500 to a Roth IRA. After you turn 50, you can contribute an extra $1,000. This catch-up contribution remains unchanged from 2022, so you can contribute up to $7,500 to a Roth IRA in 2023 if you are 50 or older. Below is a summary of the limits for 2022 and 2023.


2023 Roth IRA

Contribution Limits

2022 Roth IRA

Contribution Limits

Under 50



50 or over



Data source: IRS.

Think about your retirement goals and determine how much you should contribute to your Roth IRA next year. Let’s say you are 35. If you’re really ambitious, you can contribute around $542 every month to reach the $6,500 annual contribution limit within 12 months. If that’s too much, contribute as much as you can and increase the amount later.

The most important advice when it comes to contributions is to get started. If your income tips over the annual limit, you won’t be able to make direct contributions to a Roth IRA.

Make sure you qualify to make Roth IRA contributions in 2023

Before you stash money away in a Roth IRA, you’ll need to consider your modified adjusted gross income (MAGI). This number can limit your Roth contributions for the year.

Let’s say your tax filing status is single for 2023. You can contribute the maximum amount to a Roth IRA if your income is under $138,000. After that, you’ll be able to make reduced contributions until your income hits $153,000. That’s known as the phaseout range. When your income jumps over $153,000, you won’t be able to contribute to a Roth IRA.

Here are the Roth IRA phaseout ranges if you’re filing single, as a head of household, or married filing jointly.

Filing Status

2023 Income Phaseout Range

2022 Income Phaseout Range

Single or head of household

$138,000 to $153,000

$129,000 to $144,000

Married filing jointly

$218,000 to $228,000

$204,000 to $214,000

Data source: IRS.

Boost your Roth IRA savings

The new inflation-adjusted contribution limits released by the IRS make the Roth IRA even more attractive. You can stash away as much as $6,500 in your account if you meet the qualifications. The $1,000 catch-up contribution still applies if you are 50 or older.

If you’re trying to ramp up your Roth savings, the new limits make it easier. Contributing the maximum can help put you on the path to a financially secure retirement. And you can enjoy all the money in your account without worrying about taxes later — as long as you follow the rules.

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