| IRS Limit | 2024 | 2023 | 2022 | | Defined Contribution Limitation | $69,000 | $66,000 | $61,000 | | Annual Deferral for 401(k) Plans | $23,000 | $22,500 | $20,500 | | 401(k) Catch-Up Contribution (over the age of 50) | $7,500 | $7,500 | $6,500 | | Annual Limit on Compensation | $345,000 | $330,000 | $305,000 | | Threshold for Highly Compensated Employees | $155,000 | $150,000 | $135,000 | | Key Employee Threshold for Officers | $220,000 | $215,000 | $200,000 | | Social Security Taxable Wage Base | $168,600 | $160,200 | $147,800 |
| | SIMPLE Plans | | Annual Deferrals | $16,000 | $15,500 | $14,000 | | Catch up Contributions (over the age of 50) | $3,500 | $3,500 | $3,000 |
| | IRA's | | Annual Contribution | $7,000 | $6,500 | $6,000 | | Catch up Contributions (over the age of 50) | $1,000 | $1,000 | $1,000 |
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