2023 retirement plan limits
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The Internal Revenue Service has announced the following inflation-adjusted retirement plan limits for 2023. Many of these limits rose, triggered by an increase in the cost-of-living index. However, the index increase did not trigger all limits to rise, as some have higher statutory thresholds.
| 2023 Limit | 2022 Limit | 2021 Limit | 2020 Limit | |
| Annual Elective Deferrals 401(k) plans 402(g)(1) |
$22,500 | $20,500 | $19,500 | $19,500 |
| Annual Age 50 Catch-Up Contributions 401(k) plans §414(v)(2)(B)(i) |
$7,500 | $6,500 | $6,500 | $6,500 |
| Qualified Retirement Plans Annual compensation limit §401(a)(17)/404(l) |
$330,000 | $305,000 | $290,000 | $285,000 |
| Defined Benefit Plans Annual benefit limit §415(b)(1)(A) |
$265,000 | $245,000 | $230,000 | $230,000 |
| Defined Contribution Plans Annual contribution limit §415(c)(1)(A) |
$66,000 | $61,000 | $58,000 | $57,000 |
| HCE Definition Compensation threshold §414(q)(1)(B) |
$150,000 | $135,000 | $130,000 | $130,000 |
| Top Heavy Plan – Key Employees Officer compensation threshold §416(i)(1)(A)(i) |
$215,000 | $200,000 | $185,000 | $185,000 |
| Social Security Taxable wage base (OASDI only) |
$160,200 | $14,000 | $142,800 | $137,700 |
| HSA Contribution Health Savings Account |
$3,850 (single) $7,750 (family) |
$3,600 (single) $7,300 (family) |
$3,600 (single) $7,300 (family) |
$3,500 (single) $7,000 (family) |
| HSA Catch-up Contributions (age 55 or older) |
$1,000 | $1,000 | $1,000 | $1,000 |
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Source: Internal Revenue Service Some information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. It is not a solicitation or an offer to buy or sell any security or instrument or to participate in any trading strategy. Any opinions expressed are subject to change without notice. |
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