The IRS recently announced 2023 limits affecting retirement plans and other qualified savings vehicles. The amounts have increased in almost all categories. You will see the changes in bold in this quick reference.
| 401(k) Related Limits | 2023 | 2022 |
| 401(k) Elective Deferrals | $22,500 | $20,500 |
| 401(k) Catch-up Contribution | $7,500 | $6,500 |
| 415 Annual Additions Limit | $66,000 | $61,000 |
| Annual Compensation Limit | $330,000 | $305,000 |
| Social Security Taxable Wage Base | $160,200 | $147,000 |
| Non-401(k) Related Limits | ||
| 403(b) Elective Deferrals | $22,500 | $20,500 |
| 403(b) Catch-up Contribution | $7,500 | $6,500 |
| SIMPLE Deferrals | $15,500 | $14,000 |
| SIMPLE Catch-up Contribution | $3,500 | $3,000 |
| IRA Contribution | $6,500 | $6,000 |
| IRA Catch-up Contribution | $1,000 | $1,000 |
Source: irs.gov. Changes in bold.
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