The IRS has announced the 2023 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals to 401(k) plans and 403(b) plans will increase from $20,500 for 2022 to $22,500 for 2023, while the annual limit for catch-up contributions for individuals aged 50 or over will increase from $6,500 for 2022 to $7,500 for 2023. The Social Security Administration also recently announced that the Social Security wage base will increase from $147,000 for 2022 to $160,200 for 2023.
Listed below are key limits applicable for 2023 and 2022.
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