Download PDF 2023 Facts & Figures
2023 | 2022 | 2021 | 2020 | 2019 | |||
---|---|---|---|---|---|---|---|
IRC Limits | |||||||
401(k) plan elective deferral limit | $22,500 | $20,500 | $19,500 | $19,500 | $19,000 | ||
401(k) plan elective deferral catch-up limit | $7,500 | $6,500 | $6,500 | $6,500 | $6,000 | ||
Eligible 457 plan deferral limit | $22,500 | $20,500 | $19,500 | $19,500 | $19,000 | ||
415 defined benefit maximum annuity | $265,000 | $245,000 | $230,000 | $230,000 | $225,000 | ||
415 defined contribution maximum annual addition | $66,000 | $61,000 | $58,000 | $57,000 | $56,000 | ||
401(a)(17) and 408(k)(3)(C) compensation limit | $330,000 | $305,000 | $290,000 | $285,000 | $280,000 | ||
Highly compensated employee threshold | $150,000 | $135,000 | $130,000 | $130,000 | $125,000 | ||
Social Security | |||||||
Cost-of-living increase | 8.70% | 5.90% | 1.30% | 1.60% | 2.80% | ||
OASDI contribution and benefit base (wage base) | $160,200 | $147,000 | $142,800 | $137,700 | $132,900 | ||
Maximum monthly social security benefit worker retiring in January at age 65 | $3,279 | $2,993 | $2,841 | $2,857 | $2,757 | ||
PIA formula | |||||||
1st bend point | $1,115 | $1,024 | $996 | $960 | $926 | ||
2nd bend point | $6,721 | $6,172 | $6,002 | $5,785 | $5,583 | ||
FICA tax rates | |||||||
OASDI employer and employee | 6.20% | 6.20% | 6.20% | 6.20% | 6.20% | ||
HI employer and employee | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% | ||
OASDI self-employed | 12.40% | 12.40% | 12.40% | 12.40% | 12.40% | ||
HI self-employed | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% | ||
HI additional employee tax | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | ||
Medicare Part A – Hospital Insurance | |||||||
Maximum monthly premium | $506 | $499 | $471 | $458 | $437 | ||
Monthly premium for those with 30-39 credits | $278 | $274 | $259 | $252 | $240 | ||
Inpatient hospital deductible | $1,600 | $1,556 | $1,484 | $1,408 | $1,364 | ||
Medicare Part A – Coinsurance | |||||||
Daily payment for 61-90 days of inpatient care | $400 | $389 | $371 | $352 | $341 | ||
Lifetime limit for up to 60 reserve days | $800 | $778 | $742 | $704 | $682 | ||
Daily payment for 21-100 days in a skilled nursing facility | $200.00 | $194.50 | $185.50 | $176.00 | $170.50 | ||
Medicare Part B – Medical Insurance | |||||||
Standard monthly premium | $164.90 | $170.10 | $148.50 | $144.60 | $135.50 | ||
Annual deductible | $226 | $233 | $203 | $198 | $185 | ||
Medicare Part D – Drug Benefit | |||||||
Maximum annual deductible | $505 | $480 | $445 | $435 | $415 | ||
25% co-pay up to coverage limit of: | $4,660 | $4,430 | $4,130 | $4,020 | $3,820 | ||
100% co-pay until total out-of-pocket spending: | $7,400 | $7,050 | $6,550 | $6,350 | $5,100 | ||
5% co-pay after total drug spending: | $11,206.28 | $10,690.20 | $10,048.39 | $9,719.38 | $8,139.54 |