The new Retirement Plan Contribution Limits are official.
The following limits are going up for 2023:
- Maximum contributions for 401(k), 403(b) and 457 increases to $22,500
- The annual additions limit for defined contribution plans increases to $66,000
- The annual compensation limit increases to $330,000
- The Social Security Wage Base increases to $160,200
Review the full list of contribution limit changes below and share with your plan participants.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
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