This week, the IRS announced the 2023 cost-of-living adjustments (COLAs), which impact retirement plans for more than 67 million Americans. In addition, the Social Security Administration announced the 2023 social security wage base will be $160,200, which reflects a $13,200 increase from 2021.
Most of the 2023 limitations increased substantially, although few of them stayed the same. We’ve compiled a side-by-side comparison on the dollar limitations for benefits and contributions for the past three years. Contact your BMF Advisor if you have questions on these dollar limitations or to discuss your 2022 tax planning strategy.
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