Official word hasn’t come out yet, but based on current CPI information, we are expecting increases in some of the basic plan limits:
- 401(k) maximum deferral will increase from $17,500 to $18,000
- 401(k) catch-up maximum will increase from $5,500 to $6,000
- overall maximum contribution will increase from $52,000 to $53,000 (effectively $59,000 if catch-up eligible)
- SIMPLE maximum deferral will increase from $12,000 to $12,500
- SIMPLE catch-up maximum will increase from $3,000 to $3,500
Official numbers will be posted in early November.