Recent News & Blog / 2023 Cost of Living Adjustments
October 25, 2022
The IRS recently released the 2023 cost of living adjustments for retirement plans and related items. You can view the updated numbers below or click the button at the bottom to view a printable version!
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Annual Deferral Limit
2023 2022 401(k)/403(b)/457/SARSEP $22,500 $20,500 SIMPLE Retirement Plans $15,500 $14,000 -
Catch-Up Contributions
2023 2022 Age 50+ 401(k)/403(b)*/457*
*A special additional catch-up limit applies for certain employees under 403(b) and 457 plans$7,500 $6,500 Age 50+ SIMPLE Plan $3,500 $3,000 -
415 Annual Limits
2023 2022 Defined Contribution Annual Contribution Limit $66,000 $61,000 Defined Benefit Maximum Annual Benefit $265,000 $245,000 -
Compensation Limit
2023 2022 For Determining Contributions for Non-Governmental Plans $330,000 $305,000 For Simplified Employee Pensions (SEP) Eligibility $750 $650 -
Highly Compensated Employee Definition
2023 2022 Highly Compensated Employee Definition $150,000 $135,000 -
Key Employee/Officer Definition
2023 2022 Key Employee/Officer Definition $215,000 $200,000 -
Social Security Taxable Wage Base
2023 2022 Social Security Taxable Wage Base $160,200 $147,000 -
Adjusted Gross Income (AGI) for Saver's Credit Eligibility
2023 2022 Joint $73,000 $68,000 Single $36,500 $34,000 Head of Household $54,750 $51,000
For additional limits and more information on the IRS Cost of Living Adjustments, visit www.IRS.gov.