Changes to 2023 Retirement Contributions
The new 2023 Retirement Plan Contribution Limits are official.
Your Fort Pitt Capital team wants to ensure you use these Internal Revenue Service changes to your advantage. The following highlight some of the limits that have risen for 2023:
- Maximum contributions for 401(k), 403(b) and 457 increases to $22,500
- Social Security Wage Base increases to $160,200
- Annual additions limit for defined contribution plans increases to $66,000
- Annual compensation limit increases to $330,000
We have the full list of 2023’s retirement contribution limit changes listed below:
| RETIREMENT PLANS TYPES | 2023 | 2022 |
| Annual Compensation Limits | $330,000 | $305,000 |
| Elective Deferrals 401(k)/403(b) | $22,500 | $20,500 |
| Catch-up Contributions | $7,500 | $6,500 |
| *457 Elective Deferrals | $22,500 | $20,500 |
| Defined Contribution Limits | $66,100 | $61,000 |
| Annual Compensation Grandfathered Governmental Plans |
$490,000 | $450,000 |
| OTHER | ||
| Highly Compensated Employee Threshold | $150,000 | $135,000 |
| Defined Benefit Limits | $265,000 | $245,000 |
| Key Employee | $215,000 | $200,000 |
| Social Security Taxable Wage Base | $160,000 | $147,000 |
| HEALTH SAVINGS ACCOUNTS(HSA) | ||
| HSA Self-only Coverage Contribution Limits | $3,850 | $3,650 |
| HSA Family Coverage Contribution Limits | $7,750 | $7,300 |
| HSA Catch Up Contributions (age 55+) | $1,000 | $1,000 |
| IRAs | ||
| IRA Contribution Limit | $6,500 | $6,000 |
| IRA Catch-Up Contributions | $1,000 | $1,000 |
| SEP | ||
| SEP Minimum Compensation | $750 | $650 |
| SEP Maximum Compensation | $330,000 | $305,000 |
| SIMPLE PLANS | ||
| SIMPLE Maximum Contributions | $15,500 | $14,000 |
| SIMPLE Catch-up Contributions | $3,500 | $3,000 |
Contact a Fort Pitt Capital Group Financial Advisor For More Information
