The IRS has released the limits for the 2023 Plan Year.  These limits can be important in planning for your retirement.  Please contact us if you have any questions about how these limits may affect you.

Cost of Living Increase for: 2023 2022
401(k) and 403(b) Deferral Limit $22,500 $20,500
401(k) and 403(b) Catch-up Contribution Limit $7,500 $6,500
SIMPLE Deferral Limit $15,500 $14,000
SIMPLE 401(k) and IRA Catch-up Contribution Limit $3,500 $3,000
Annual Plan Compensation Limit $330,000 $305,000
Maximum Allocation Per Participant $66,000 $61,000
Dollar Limit for Highly Compensated Employee $150,000 $135,000
Dollar Limit for Officers to be considered a Key Employee $215,000 $200,000
Social Security Taxable Wage Base Limit $160,200 $147,000