Retirement Plan Contribution Limits
Retirement Plan Contribution Limits
Below are the retirement plan contribution limits for 2023, as well as the 2022 limits for your reference. If you have questions about starting a plan for you or your business, fill out the form on the Contact Us page and we will be in touch. For information regarding your eligibility to make or deduct certain contributions, as well as any applicable deadlines, please consult with your tax professional.
2023 Retirement Plan Contribution Limits
IRA Contribution
| Under age 50 | $6,500 |
| Age 50 and over | $7,500 |
| SEP Contribution | |
| $66,000 limit | Up to 25% of compensation |
| SIMPLE IRA Elective Deferral | |
| Under age 50 | $15,500 |
| Age 50 and over | $19,000 |
| 401(k), 403(b), 457, and SARSEP | |
| Elective deferral under age 50 | $22,500 |
| Elective deferral age 50 and over | $30,000 |
| Annual defined pension contribution limit | $66,000 |
| Annual defined pension benefit limit | $265,000 |
2022 Retirement Plan Contribution Limits
IRA Contribution
| Under age 50 | $6,000 |
| Age 50 and over | $7,000 |
| SEP Contribution | |
| $61,000 limit | Up to 25% of compensation |
| SIMPLE IRA Elective Deferral | |
| Under age 50 | $14,000 |
| Age 50 and over | $17,000 |
| 401(k), 403(b), 457, and SARSEP | |
| Elective deferral under age 50 | $20,500 |
| Elective deferral age 50 and over | $27,000 |
| Annual defined pension contribution limit | $61,000 |
| Annual defined pension benefit limit | $245,000 |
For more information about our firm and the services we offer, send us an email or call the office. We would welcome the opportunity to speak with you.
info@barkerfg.com | 781-743-2600