2023 COLA Retirement Plan & Benefit Limits

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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.