Retirement Plan Contribution Limits have increased.
The following limits are going up for 2023:
Maximum contributions for 401(k), 403(b) and 457 increases to $22,500
The annual additions limit for defined contribution plans increases to $66,000
The annual compensation limit increases to $330,000
The Social Security Wage Base increases to $160,200
Review the full list of contribution limit changes below and share with your plan participants!
2023 | 2022 | |
Compensation | $330,000 | $305,000 |
Taxable Wage Base | $160,200 | $147,000 |
Highly Compensated Employee (HCE) | $150,000 | $135,000 |
Key Employee/Officer | $215,000 | $200,000 |
Defined Contribution Limit | $66,000 | $61,000 |
Maximum Contributions (401k/403b/457) | $22,500 | $20,500 |
Maximum Catch-Up – Age 50+ ( 401k/403b/457) | $7,500 | $6,500 |
Defined Benefit Limit | $265,000 | $245,000 |
SIMPLE | $15,500 | $14,000 |
SIMPLE Catch-Up – Age 50+ | $3,500 | $3,000 |
IRA Contribution Limit | $6,500 | $6,000 |
IRA Catch-Up – Age 50+ | $1,000 | $1,000 |
Fran Gillis and Lucas Gillis are Investment Advisor Representatives of Dynamic Wealth Advisors dba 401k Extra LLC. All advisory services offered through Dynamic Wealth Advisors.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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