Breaking News: IRS Releases 2023 Retirement Plan Limits

October 27, 2022 | By: The Retirement Plan Administration Team

Each year the government adjusts the limits for retirement plans and Social Security to reflect cost-of-living adjustments. The IRS has released the retirement contribution limits for 2023 and there are noteworthy increases.

Contribution and Benefit Limits20232022Increase
401(k), Roth 401(k), and 403(b)$22,500$20,500$2,000
401(k), Roth 401(k), and 403(b) Catch-up Contributions$7,500$6,500$1,000
3% Safe Harbor Non-Elective Contrib. Maximum$9,900$9,150$750
4% Safe Harbor Match Contrib. Maximum$13,200$12,200$1,000
Annual Contribution Limit$66,000$61,000$5,000
Annual Contribution Limit, incl. Catch-up Contribs.$73,500$67,500$6,000
SIMPLE IRA Elective Deferrals$15,500$14,000$1,500
SIMPLE IRA Catch-up Contributions$3,500$3,000$500
Traditional IRA and Roth IRA Contributions$6,500$6,000$500
IRA Catch-up Contributions$1,000$1,000$0
Maximum Plan Compensation$330,000$305,000$25,000
Social Security Wage Base$160,200$147,000$13,200

Please contact Johnson O’Connor Retirement Plan Services to review your retirement program so you can take advantage of these increased contribution limits in 2023.

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