© 2023 Pension Rights Center. This work is licensed under a Creative Commons Attribution-Non Commercial 2.5 Generic License.
This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year.
The effective date for 2023 limits is January 1, 2023.
|
2023
|
2022
|
2021
|
2020 | |
| Annual employee contribution limit for 401(k), 403(b), or 457 savings plans |
$22,500
|
$20,500
|
$19,500
|
$19,500 |
| Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over |
$7,500
|
$6,500
|
$6,500
|
$6,500 |
| Maximum annual benefit payable by a defined benefit pension plan |
$265,000
|
$245,000
|
$230,000
|
$230,000 |
| Annual limit for combined employer – employee contributions to a defined contribution plan |
$66,000
|
$61,000
|
$58,000
|
$57,000 |
| Annual contribution limit to an Individual Retirement Account for individuals |
$6,500
|
$6,000
|
$6,000
|
$6,000 |
| Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over | $1,000 | $1,000 | $1,000 | $1,000 |
| Annual employee contribution for SIMPLE plans | $15,500 | $14,000 | $13,500 | $13,500 |
| Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over | $3,500 | $3,000 | $3,000 | $3,000 |
| Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people in single employer plans retiring at age 65. Find out guarantee limits at other ages. | $6,750 | $6,204 | $6,034 | $5,812 |
| Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people in multiemployer plans retiring with 30 years of service. Find more information on multiemployer insurance. | $1,072 | $1,072 | $1,072 | $1,072 |
| Maximum amount of wages taxable by Social Security | $160,200 | $147,000 | $142,800 |
$137,700
|
