The IRS has announced cost of living adjustments changing dollar limitations for retirement-related items for the tax year 2023. Here are the highlights:

Plan Limits for the Year 2023 2022 2021
401k, 403b, 457 Elective Deferrals $22,500 $20,500 $19,500
401k, 403b, 457 Catch-Up Contribution Limit (age 50 or over) $7,500 $6,500 $6,500
Annual Defined Contribution Plan Limit $66,000 $61,000 $58,000
Traditional IRA Contribution Limit
$6,500 $6,000 $6,000
Traditional IRA catch-up Contribution Limit (age 50 or over) $1,000 $1,000 $1,000
HSA Individual Contribution Limit $3,850 $3,650 $3,600
HSA Individual with Family Coverage Contribution Limit $7,750 $7,300 $7,200
SIMPLE Employee Deferrals $15,500 $14,000 $13,500
SIMPLE Catch-Up Deferral $3,500 $3,000 $3,000
Social Security Wage Base $160,200 $147,000 $142,800

For a full list of limitations for retirement-related items for tax year 2023, please visit irs.gov

 

Sources: Internal Revenue Service Notice 2022-55, Internal Revenue Service Notice 2022-24.

 

Please note, annual contribution rates are based on the IRS 2023 retirement plan limitations and are subject to change. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice.

 

 

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