2023 Retirement Plan Contribution Limits, How Much Can You Save?
Updated: Mar 28
Retirement Plan Contribution Limits have increased.
The following limits are going up for 2023:
Maximum contributions for 401(k), 403(b) and 457 increases to $22,500
The annual additions limit for defined contribution plans increases to $66,000
The annual compensation limit increases to $330,000
The Social Security Wage Base increases to $160,200
Review the full list of contribution limit changes below and share with your plan participants!
Taxable Wage Base
Highly Compensated Employee (HCE)
Defined Contribution Limit
Maximum Contributions (401k/403b/457)
Maximum Catch-Up – Age 50+ ( 401k/403b/457)
Defined Benefit Limit
SIMPLE Catch-Up – Age 50+
IRA Contribution Limit
IRA Catch-Up – Age 50+
Fran Gillis and Lucas Gillis are Investment Advisor Representatives of Dynamic Wealth Advisors dba 401k Extra LLC. All advisory services offered through Dynamic Wealth Advisors.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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