2023 401(k) and Simple IRA Limits

2023 401(k) and Simple IRA Contribution Limits
The IRS just announced the new contribution limits for 2023.  Companies should communicate to their employees as well as ensure the HRIS/Payroll system has the limits in their system as of 1/1/2023.

401(k) and Simple IRA Contribution Limits

• 401(k) Employee Contribution Limit - $22,500
• Participants over Age 50 “Catch-Up” Contribution - $7,500

Simple IRA Contribution Limits

• Simple IRA Employee Contribution Limit - $15,500
• Participants over Age 50 “Catch-Up” Contribution - $3,000

The Social Security Wage Base - $160,200.
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