Facts & Figures

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