Retirement Plan Contribution Limits

401K PLAN CONTRIBUTION LIMITS AND OTHER KEY NUMBERS

IRS Limit202320222021
Defined Contribution Limitation$66,000$61,000$58,000
Annual Deferral for 401(k) Plans$22,500$20,500$19,500
401(k) Catch-Up Contribution (over the age of 50)$7,500$6,500$6,500
Annual Limit on Compensation$330,000$305,000$290,000
Threshold for Highly Compensated Employees$150,000$135,000$130,000
Key Employee Threshold for Officers$215,000$200,000$185,000
Social Security Taxable Wage Base$160,000$147,800$142,800


SIMPLE Plans
Annual Deferrals$15,500$14,00$13,500
Catch up Contributions (over the age of 50)$3,500$3,000$3,000


IRA's
Annual Contribution$6,500$6,000$6,000
Catch up Contributions (over the age of 50)$1,000$1,000$1,000