Retirement Plan Limits
At Premier Plan Consultants, we strive to keep you informed on retirement plan topics and changes. Below is a snapshot of the previous three year’s retirement plan funding limits and information on this year’s maximum funding levels.
For more information and/or questions about how you and your business can utilize this information to align with your retirement plan goals, please give us a call today.
Retirement Plan Funding Progression
| Year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Annual Compensation | $290,000 | $305,000 | $330,000 | $345,000 |
| Taxable Wage Base | $142,800 | $147,000 | $160,200 | $168,600 |
| Highly Compensated | $130,000 | $135,000 | $150,000 | $155,000 |
| Defined Contribution | $58,000 | $61,000 | $66,000 | $69,000 |
| Contribution Limit | $19,500 | $20,500 | $22,500 | $23,000 |
| Catch-up Contribution | $6,500 | $6,500 | $7,500 | $7,500 |
| Defined Benefit | $230,000 | $245,000 | $265,000 | $275,000 |
| SIMPLE 401(k) Limit | $13,500 | $14,000 | $15,500 | $16,000 |
| SIMPLE 401(k) Catch-up | $3,000 | $3,000 | $3,500 | $3,500 |
| IRA | $6,000 | $6,000 | $6,500 | $7,000 |
| IRA Catch-up | $1,000 | $1,000 | $1,000 | $1,000 |
