Qualified Retirement Plans Limits 2020 2021
Maximum elective deferral to retirement plans (e.g. 401(k), 403(b), & 457) $19,500 $19,500
401(k) Age 50+ catch-up contribution $6,500 $6,500
Maximum IRA contribution limit $6,000 $6,000
IRA Age 50+ catch-up contribution $1,000 $1,000
Maximum elective deferral to SIMPLE plan $13,500 $13,500
SEP minimum compensation amount $600 $650
Annual includible compensation limit $285,000 $290,000
Defined contribution plan annual addition limit (415 limit) $57,000 $58,000
Highly compensated employee compensation limit $130,000 $130,000
Annual retirement benefit limit under defined benefit plan (415 limit, not to exceed 100% of compensation) $230,000 $230,000

Social Security 2020 2021
Maximum Compensation Subject to FICA Taxes:
OASDI (Social Security) maximum $137,700 $142,800
HI (Medicare) maximum No Limit No Limit

  • OASDI Tax Rate: 12.4% Self-Employed, 6.2% Employees
  • HI Tax Rate: 2.9% Self-Employed, 1.45% Employees