Retirement Plan Contribution Limits

401K PLAN CONTRIBUTION LIMITS AND OTHER KEY NUMBERS

IRS Limit202220212020
Defined Contribution Limitation$61,000$58,00057,000
Annual Deferral for 401(k) Plans$20,500$19,500$19,500
401(k) Catch-Up Contribution (over the age of 50)$6,500$6,500$6,500
Annual Limit on Compensation$305,000$290,000$285,000
Threshold for Highly Compensated Employees$135,000$130,000$130,000
Key Employee Threshold for Offices$200,000$185,000$185,000
Social Security Taxable Wage Base$147,000$142,800$137,700


SIMPLE Plans
Annual Deferrals$14,000$13,500$13,500
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