2023 COLA Retirement Plan & Benefit Limits
October 24, 2022
The IRS announced a record increase in contribution limits to 401(k) and other tax-deferred retirement plans for 2023. You may find a printable resource with all limits available below.
To highlight a few that may be of interest to you –
- 401(k) limits increased from $20,500 to $22,500.
- 401(k) catch-up (for those 50 or older) increased from $6,500 to $7,500. That means if you are 50 or older you can contribute up to $30,000 in 2023.
- Health Savings Account (HSA) limits increased to $7,750 for a family and $3,850 for singles.
- Social Security taxable wage base increased to $160,200.
- Compensation limit increased from $305,000 to $330,000.
Please let us know if we can assist with any of your retirement planning needs.
