2019 Contribution Limits for Retirement Plans and IRA’s

  2020 2019 2018 2017 2016
Compensation $285,000 $280,000 $275,000 $270,000 $265,000

Limits on benefits and contributions:

  2020 2019 2018 2017 2016
Defined contribution plans $57,000 $56,000 $55,000 $54,000 $53,000
Defined benefit plans $230,000 $225,000 $220,000 $215,000 $210,000
401(k), 403(b) and 457 plan Elective deferrals $19,500 $19,000 $18,500 $18,000 $18,000
SIMPLE plan elective deferrals $13,500 $13,000 $12,500 $12,500 $12,500
IRA Contribution Limits $6000 $6,000 $5,500 $5,500 $5,500

Catch-up contribution limits

  2020 2019 2018 2017 2016
401(k), 403(b) and 457 plans $6,500 $6,000 $6,000 $6,000 $6,000
SIMPLE plans $3,000 $3,000 $3,000 $3,000 $3,000
IRA $1,000 $1,000 $1,000 $1,000 $1,000

“Highly Compensated” definition

  2020 2019 2018 2017 2016
 Income $130,000 $125,000 $120,000 $120,000 $120,000

“Key Employee” definition:

  2020 2019 2018 2017 2016
Officer $185,000 $180,000 $175,000 $175,000 $170,000
1% owner $150,000 $150,000 $150,000 $150,000 $150,000

Social Security:

  2020 2019 2018 2017 2016
Taxable wage base $137,700 $132,900 $128,400 $127,200 $118,500
Social Security tax rate 6.20% 6.20% 6.20% 6.20% 6.20%
Medicare tax rate 1.45% 1.45% 1.45% 1.45% 1.45%
Combined tax rate 7.65% 7.65% 7.65% 7.65% 7.65%