Retirement Plan Contribution Limits

401K PLAN CONTRIBUTION LIMITS AND OTHER KEY NUMBERS

IRS Limit202120202019
Defined Contribution Limitation$58,000$57,000$56,000
Annual Deferral for 401(k) Plans$19,500$19,500$19,000
401(k) Catch-Up Contribution (over the age of 50)$6,500$6,500$6,000
Annual Limit on Compensation$290,000$285,000$280,000
Threshold for Highly Compensated Employees$130,000$130,000$125,000
Key Employee Threshold for Offices$185,000$185,000$180,000
Social Security Taxable Wage Base$142,800$137,700$132,900


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


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