PLAN LIMITS
2023 Plan Limits
| 401(k) Plan Limits | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| 401(k) Elective Deferrals | $22,500 | $20,500 | $19,500 | $19,500 |
| Annual Defined Contribution Limit | $66,000 | $61,000 | $58,000 | $57,000 |
| Annual Compensation Limit | $330,000 | $305,000 | $290,000 | $285,000 |
| Age 50 Catch-Up Contribution Limit | $7,500 | $6,500 | $6,500 | $6,500 |
| Highly Compensated Employees | $150,000 | $135,000 | $130,000 | $130,000 |
| Non 401(k) Related Limits | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| 403(b) / 457 Elective Deferrals | $22,500 | $20,500 | $19,500 | $19,500 |
| SIMPLE Employee Deferrals | $15,500 | $14,000 | $13,500 | $13,500 |
| SIMPLE Catch-Up Deferral / SEP | $3,500 | $3,000 | $3,000 | $3,000 |
| SEP Minimum Compensation | $750 | $650 | $600 | $600 |
| SEP Annual Compensation Limit | $330,000 | $305,000 | $290,000 | $285,000 |
| Social Security Wage Base | $160,200 | $147,000 | $142,800 | $137,700 |
| Defined Benefit Limit | $265,000 | $245,000 | $230,000 | $230,000 |
Want to know if your current plan is leveraging all tax advantages?
Are you tired of spending too much time on your 401(k)?
Wondering if the 401(k) fees you are paying are reasonable?
Contact us for a complimentary 401(k) Check Up and find out if you can get improved results.
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Tel: (312) 427-9140
Fax: (312) 427-9757
53 West Jackson Boulevard
Suite 864
Chicago, IL 60604