IRS and SSA Announce 2023 Indexed Numbers

Edward Wodarczyk
Tucker Arensberg, P.C.
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The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2023.

  2022 2023
Compensation Limit $305,000 $330,000
Highly Compensated Employee 135,000 150,000
401(k), 403(b), 457(b) Deferral Limit 20,000 22,500
Age 50 Additional Catch-up Limit 6,500 7,500
Defined Contribution Plan Limit 61,000 66,000
Defined Benefit Plan Limit 245,000 265,000
Social Security Wage Base 147,000 160,200
HSA Individual Contribution Limit 3,650 3,850
HSA Family Contribution Limit 7,300 7,750
Health FSA Limit 2,850 3,050

See the IRS website for more details regarding cost-of-living increases.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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