The IRS announced fairly large increases to the plan contribution limits for next year:
2023 | 2022 | 2021 | 2020 | |
RETIREMENT PLANS | ||||
Elective Deferrals 401(k), 403(b), etc | $22,500 | $20,500 | $19,500 | $19,500 |
with over-50 catch-up | $30,000 | $27,000 | $26,000 | $26,000 |
Defined Contribution Limits | $66,000 | $61,000 | $58,000 | $57,000 |
with over-50 catch-up | $73,500 | $67,500 | $64,500 | $63,500 |
IRAs | ||||
IRA & Roth Contribution Limit | $6,500 | $6,000 | $6,000 | $6,000 |
with over-50 catch-up | $7,500 | $7,000 | $7,000 | $7,000 |
SEP | ||||
SEP Maximum Contribution | $66,000 | $61,000 | $58,000 | $57,000 |
with over-50 catch-up | $73,500 | $67,500 | $64,500 | $63,500 |
SIMPLE Plans | ||||
SIMPLE Maximum Contributions | $15,500 | $14,000 | $13,500 | $13,500 |
with over-50 catch-up | $19,000 | $17,000 | $16,500 | $16,500 |