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2023 401(k) and Simple IRA Limits

10/28/2022

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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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