Employer retirement plan salary deferrals as well as IRA annual funding limits increases for 2023.
- The max allowed salary deferral increases to $22,500 from $20,500 for 401(k), 403(b) and 457 plans.
- The annual catch-up contribution (if age 50 or older) increases to $7,500 from $6,500 for 401(k), 403(b) and 457 plans.
- The max allowed IRA contribution increases to $6,500 from $6,000.
- The annual catch-up contribution (if age 50 or older) for an IRA remains unchanged at $1,000.
- The max allowed salary deferral increases to $15,500 from $14,000 for SIMPLE plans.
- The annual catch-up contribution (if age 50 or older) increases to $3,500 from $3,000 for SIMPLE plans.
Increases to Health Savings Accounts (HSA) and medical Flexible Spending Accounts (FSA) contribution limits increased for 2023 too!
- HSA Self-only coverage funding limits increases to $3,850 from $3,650.
- HSA Family coverage funding limits increases to $7,750 from $7,300.
- HSA catch-up contribution (if age 55 or older) remains at $1,000.
- Medical FSA per individual increases to $3,050 from $2,850.