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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 Limit2022 Limit2021 Limit2020 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
Source: Internal Revenue Service

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