Retirement Plan Contribution Limits

401K PLAN CONTRIBUTION LIMITS AND OTHER KEY NUMBERS

IRS Limit202420232022
Defined Contribution Limitation$69,000$66,000$61,000
Annual Deferral for 401(k) Plans$23,000$22,500$20,500
401(k) Catch-Up Contribution (over the age of 50)$7,500$7,500$6,500
Annual Limit on Compensation$345,000$330,000$305,000
Threshold for Highly Compensated Employees$155,000$150,000$135,000
Key Employee Threshold for Officers$220,000$215,000$200,000
Social Security Taxable Wage Base$168,600$160,200$147,800


SIMPLE Plans
Annual Deferrals$16,000$15,500$14,000
Catch up Contributions (over the age of 50)$3,500$3,500$3,000


IRA's
Annual Contribution$7,000$6,500$6,000
Catch up Contributions (over the age of 50)$1,000$1,000$1,000