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Comments From HFS

For your quick reference, here is a breakdown of Retirement contribution limits for 2022 and 2023:


2022

2023

*401(k), 403(b) & 457
Elective Deferral Limits

$20,500

 $22,500

* 401(k), 403(b) & 457
Catch up Contributions

$6,500

 $7,500

* SIMPLE-IRA
elective Deferral Limits

$14,000

 $15,500

* SIMPLE-IRA Catch Up
Contributions

$3,000

 $3,500

* Traditional and Roth
Contribution Limits

$6,000

 $6,500

* IRA Catch Up
Contributions

$1,000

 $1,000

* Coverdell Education Savings Account
Contribution Limits

$2,000

 $2,000