2021 Contribution Limits for Retirement Plans and IRA’s

2022 2021 2020 2019
Compensation $305,000 $290,000 $285,000 $280,000

Limits on benefits and contributions:

2022 2021 2020 2019
Defined contribution plans $61,000 $58,000 $57,000 $56,000
Defined benefit plans $245,000 $230,000 $230,000 $225,000
401(k), 403(b) and 457 plan Elective deferrals $20,500 $19,500 $19,500 $19,000
SIMPLE plan elective deferrals $14,000 $13,500 $13,500 $13,000
IRA Contribution Limits $6000 $6000 $6,000 $5,500

Catch-up contribution limits

2022 2021 2020 2019
401(k), 403(b) and 457 plans $6,500 $6,500 $6,000 $6,000
SIMPLE plans $3,000 $3,000 $3,000 $3,000
IRA $1,000 $1,000 $1,000 $1,000

“Highly Compensated” definition

2022 2021 2020 2019
 Income $135,000 $130,000 $130,000 $125,000

“Key Employee” definition:

2022 2021 2020 2019
Officer $200,000 $185,000 $185,000 $180,000
1% owner $150,000 $150,000 $150,000 $150,000

Social Security:

2022 2021 2020 2019
Taxable wage base $147,000 $142,800 $137,700 $132,900
Social Security tax rate 6.20% 6.20% 6.20% 6.20%
Medicare tax rate 1.45% 1.45% 1.45% 1.45%
Combined tax rate 7.65% 7.65% 7.65% 7.65%