| IRS Limit | 2020 | 2019 | 2018 | | Defined Contribution Limitation | $57,000 | $56,000 | $55,000 | | Annual Deferral for 401(k) Plans | $19,500 | $19,000 | $18,500 | | 401(k) Catch-Up Contribution (over the age of 50) | $6,500 | $6,000 | $6,000 | | Annual Limit on Compensation | $285,000 | $280,000 | $275,000 | | Threshold for Highly Compensated Employees | $130,000 | $125,000 | $120,000 | | Key Employee Threshold for Offices | $185,000 | $180,000 | $175,000 | | Social Security Taxable Wage Base | $137,700 | $132,900
| $128,700 |
| | SIMPLE Plans | | Annual Deferrals | $13,500 | $13,000 | $12,500 | | Catch up Contributions (over the age of 50) | $3,000 | $3,000 | $3,000 |
| | IRA's | | Annual Contribution | $6,000 | $6,000 | $5,500 | | Catch up Contributions (over the age of 50) | $1,000 | $1,000 | $1,000 |
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