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Recent News & Blog / 2023 Cost of Living Adjustments

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!

  • 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

 

View Printable Version
 

For additional limits and more information on the IRS Cost of Living Adjustments, visit www.IRS.gov.

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