Information Center

Retirement Plan Contribution and Benefit Limits

03/17/21

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

 

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