401 K Agreement For 2023
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Highlights of changes for 2023 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500, up from $20,500. The limit on annual contributions to an IRA increased to $6,500, up from $6,000.
Deferral limits for 401(k) plans The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019), subject to cost-of-living adjustments.
Investing for your retirement is essential. Financial planners typically recommend socking away at least 15% of pre-tax income in a retirement account. If you're getting a late start, you should aim even higher. But maxing out your 401(k) isn't always the best move.
It's vital to know how much income you can expect from Social Security, as for most people, it will make up a big chunk of your retirement income. For context, know that the average monthly Social Security retirement benefit check will be $1,827 as of January 2023, or just under $22,000 per year.
Total 401(k) plan contributions by an employee and an employer cannot exceed $66,000 in 2023. Catch-up contributions bump the 2023 maximum to $73,500 for employees who are 50 or older. Total contributions cannot exceed 100% of an employee's annual compensation.