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2023 Cost of Living Adjustments

October 25, 2022

The Internal Revenue Service has announced the 2023 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2023. Some of the adjusted amounts, however, apply to calendar year 2023. Please click for a printer-friendly version of the table below.

Employee Benefit Plans


Plan Year20232022
401(k), 403(b), 457 deferral limit$22,500$20,500
Catch-up contribution limit (age 50 or older by end of year)$7,500$6,500
Annual compensation limit$330,000$305,000
Annual benefits payable under defined benefit plans$265,000$245,000
Annual allocations to accounts in defined contribution plans$66,000
(but not more than 100% of compensation)
$61,000
(but not more than 100% of compensation)
Highly compensated employeeCompensation more than $135,000 in 2022 plan yearCompensation more than $130,000 in 2021 plan year

Health Savings Accounts


Calendar Year20232022
Maximum contribution
Family
Self
$7,750
$3,850
$7,300
$3,650
Catch-up contribution
(participants who are 55 by end of year)
$1,000$1,000
Minimum deductible
Family
Self
$3,000
$1,500
$2,800
$1,400
Maximum out-of-pocket
Family
Self
$15,000
$7,500
$14,100
$7,050

Social Security


Calendar Year20232022
Taxable wage base$160,200$147,000
Maximum earnings without loss of benefits
Under full retirement age
Year you reach full retirement age
$1,770/mo. ($21,240/yr.)

$4,710/mo. up to mo. of full retirement age ($56,520/yr.)
$1,630/mo. ($19,560/yr.)

$4,330/mo. up to mo. of full retirement age ($51,960/yr.)

Social Security Retirement Age


Year of BirthRetirement Age
Prior to 1938Age 65
193865 and 2 months
193965 and 4 months
194065 and 6 months
194165 and 8 months
194265 and 10 months
1943 – 195466
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 and later67

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