Retirement Plan Contribution and Benefit Limits
This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year.
The effective date for 2020 limits is January 1, 2021.
Maximum Dollar Limits
|
2021
|
2020
|
2019
|
2018
|
|
|
Annual employee contribution limit for 401(k), 403(b), or 457 savings plans |
$19,500
|
$19,500
|
$19,000
|
$18,500
|
| Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over |
$6,500
|
$6,500
|
$6,000
|
$6,000
|
|
Maximum annual benefit payable by a defined benefit pension plan |
$230,000
|
$230,000
|
$225,000
|
$220,000
|
| Annual limit for combined employer - employee contributions to a defined contribution plan |
$58,000
|
$57,000
|
$56,000
|
$55,000
|
| Annual contribution limit to an Individual Retirement Account for individuals |
$6,000
|
$6,000
|
$6,000
|
$5,500
|
| Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over | $1,000 | $1,000 | $1,000 | $1,000 |
| Annual employee contribution for SIMPLE plans | $13,500 | $13,500 | $13,000 | $12,500 |
| Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over | $3,000 | $3,000 | $3,000 | $3,000 |
|
Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people in single employer plans retiring at age 65. Find out guarantee limits at other ages. |
$6,034 |
$5,812 |
$5,608 |
$5,420 |
|
Maximum monthly amount insured by the Pension Benefit Guaranty Corporation for people in multiemployer plans retiring with 30 years of service. Find more information on multiemployer insurance. |
$1,072 | $1,072 | $1,072 | $1,072 |
| Maximum amount of wages taxable by Social Security | $142,800 | $137,700 |
$132,900
|
$128,400
|
Looking for help with your retirement plan?
If you have a problem with your retirement plan, free help may be available from the U.S. Administration on Aging's network of Pension Counseling and Information Projects. Find help now.
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We're hearing from people around the country who are worried about cuts to their pensions. These are their stories.
PensionHelp America connects people who need help with their pension, 401(k), and other retirement plans with the pension counseling projects, legal services providers, and government agencies that can help answer their questions. Visit www.pensionhelp.org.
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Did You Know?
A defined benefit plan is a pension plan, usually funded entirely by employer contributions, that pays benefits according to a formula. The formula is typically based on the participant's wages or salary and length of time spent working for an employer or group of employers. Defined benefit plans are also known as traditional or guaranteed pensions.
