2021 Contribution Limits for Retirement Plans and IRA’s
2021 | 2020 | 2019 | 2018 | 2017 | |
---|---|---|---|---|---|
Compensation | $290,000 | $285,000 | $280,000 | $275,000 | $270,000 |
Limits on benefits and contributions:
2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
---|---|---|---|---|---|---|
Defined contribution plans | $58,000 | $57,000 | $56,000 | $55,000 | $54,000 | $53,000 |
Defined benefit plans | $230,000 | $230,000 | $225,000 | $220,000 | $215,000 | $210,000 |
401(k), 403(b) and 457 plan Elective deferrals | $19,500 | $19,500 | $19,000 | $18,500 | $18,000 | $18,000 |
SIMPLE plan elective deferrals | $13,500 | $13,500 | $13,000 | $12,500 | $12,500 | $12,500 |
IRA Contribution Limits | $6000 | $6000 | $6,000 | $5,500 | $5,500 | $5,500 |
Catch-up contribution limits
2021 | 2020 | 2019 | 2018 | 2017 | |
---|---|---|---|---|---|
401(k), 403(b) and 457 plans | $6,500 | $6,500 | $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
2021 | 2020 | 2019 | 2018 | 2017 | |
---|---|---|---|---|---|
Income | $130,000 | $130,000 | $125,000 | $120,000 | $120,000 |
“Key Employee” definition:
2021 | 2020 | 2019 | 2018 | 2017 | |
---|---|---|---|---|---|
Officer | $185,000 | $185,000 | $180,000 | $175,000 | $175,000 |
1% owner | $150,000 | $150,000 | $150,000 | $150,000 | $150,000 |
Social Security:
2021 | 2020 | 2019 | 2018 | 2017 | |
---|---|---|---|---|---|
Taxable wage base | $142,800 | $137,700 | $132,900 | $128,400 | $127,200 |
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% |