Yearly Limits

Limitation202220212020
Maximum annual benefit$245,000$230,000$230,000
Maximum annual contribution$61,000$58,000$57,000
Maximum 401(k) deferral$20,500$19,500$19,500
401(k) deferral catchup (over age 50)$6,500$6,500$6,500
Maximum SIMPLE deferral$14,000$13,500$13,500
SIMPLE catch-up (over age 50)$3,000$3,000$3,000
Maximum IRA contribution$6,000$6,000$6,000
IRA catch-up (over age 50)$1,000$1,000$1,000
Annual compensation limit$305,000$290,000$285,000
Social Security Wage Base$147,000$142,800$137,700
Medicare maximumUnlimitedUnlimitedUnlimited
Comp. threshold for Highly Compensated Employees$135,000$130,000$130,000
Income (exclusion) threshold for SEPs$650$650$600