The IRS puts limits on how much can be saved to employer-sponsored 401(k) plans.
The 2023 limits are as follows:
- Your pre-tax and Roth 401(k) contributions: $22,500
- Catch-up contributions (if age 50 or older in 2023): $7,500
- Total annual contributions (from Rockwell and you): $66,000 (or $73,500 if 50 or older)
- Maximum eligible compensation (maximum amount of compensation eligible for contributions to the plan): $330,000.