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  • Writer's pictureFran Gillis

2023 Retirement Plan Contribution Limits, How Much Can You Save?

Updated: Mar 28, 2023

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!








2023

2022

​Compensation

$330,000

$305,000

​Taxable Wage Base

​$160,200

$147,000

​Highly Compensated Employee (HCE)

$150,000

$135,000

​Key Employee/Officer

​$215,000

$200,000

​Defined Contribution Limit

$66,000

$61,000

​Maximum Contributions (401k/403b/457)

​$22,500

$20,500

Maximum Catch-Up – Age 50+ ( 401k/403b/457)

​$7,500

$6,500

Defined Benefit Limit

$265,000

$245,000

SIMPLE

$15,500

$14,000

​SIMPLE Catch-Up – Age 50+

$3,500

$3,000

IRA Contribution Limit

$6,500

$6,000

​IRA Catch-Up – Age 50+

$1,000

$1,000



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.

©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.

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