Contribution Limits
2021 Limits
403(b), 457(b) and 401(k) Salary Deferrals
$19,500
Age 50+ catch-up
$6,500
403(b) 15 Years of Service catch-up
$3,000 maximum
Simple 401(k) Salary Deferrals
$13,500
Simple 401(k) age 50+ catch-up
$3,000
Traditional/Roth IRA
$6,000
Traditional/Roth IRA age 50+ catch-up
$1,000
Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:
Note: Fully deductible regardless of income if neither spouse is covered by employer plan
Single: $66,000
Joint: $105,000
Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:
Joint: $198,000
Roth IRA contributions phased out for adjusted gross income over:
Single: $125,000
Joint: $198,000
Simple IRA Salary Deferral
$13,500
Simple IRA age 50+ catch-up
$3,000
SEP
25% of compensation; $58,000 max
HCE (Highly Compensated Employees)
$130,000
Overall Contribution Limit IRC 415(c)
$58,000
Maximum Compensation Limit
$290,000
415(b) Defined Benefit Limit
$230,000
Coverdell Educational Savings Account
$2,000
Annual Gifting and ABLE Accounts
$15,000
2022 Limits
403(b), 457(b) and 401(k) Salary Deferrals
$20,500
Age 50+ catch-up
$6,500
403(b) 15 Years of Service catch-up
$3,000 maximum
Simple 401(k) Salary Deferrals
$14,000
Simple 401(k) age 50+ catch-up
$3,000
Traditional/Roth IRA
$6,000
Traditional/Roth IRA age 50+ catch-up
$1,000
Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:
Note: Fully deductible regardless of income if neither spouse is covered by employer plan
Single: $68,000
Joint: $109,000
Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:
Joint: $204,000
Roth IRA contributions phased out for adjusted gross income over:
Single: $129,000
Joint: $204,000
Simple IRA Salary Deferral
$14,000
Simple IRA age 50+ catch-up
$3,000
SEP
25% of compensation; $61,000 max
HCE (Highly Compensated Employees)
$135,000
Overall Contribution Limit IRC 415(c)
$61,000
Maximum Compensation Limit
$305,000
415(b) Defined Benefit Limit
$245,000
Coverdell Educational Savings Account
$2,000
Annual Gifting and ABLE Accounts
$16,000
2023 Limits
403(b), 457(b) and 401(k) Salary Deferrals
$22,500
Age 50+ catch-up
$7,500
403(b) 15 Years of Service catch-up
$3,000 maximum
Simple 401(k) Salary Deferrals
$15,500
Simple 401(k) age 50+ catch-up
$3,500
Traditional/Roth IRA
$6,500
Traditional/Roth IRA age 50+ catch-up
$1,000
Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:
Note: Fully deductible regardless of income if neither spouse is covered by employer plan
Single: $73,000
Joint: $116,000
Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:
Joint: $218,000
Roth IRA contributions phased out for adjusted gross income over:
Single: $138,000
Joint: $218,000
Simple IRA Salary Deferral
$15,500
Simple IRA age 50+ catch-up
$3,500
SEP
25% of compensation; $66,000 max
HCE (Highly Compensated Employees)
$150,000
Overall Contribution Limit IRC 415(c)
$66,000
Maximum Compensation Limit
$330,000
415(b) Defined Benefit Limit
$265,000
Coverdell Educational Savings Account
$2,000
Annual Gifting and ABLE Accounts
$17,000
2024 Limits
403(b), 457(b) and 401(k) Salary Deferrals
$23,000
Age 50+ catch-up
$7,500
403(b) 15 Years of Service catch-up
$3,000 maximum
Simple 401(k) Salary Deferrals
$16,000
Simple 401(k) age 50+ catch-up
$3,500
Traditional/Roth IRA
$7,000
Traditional/Roth IRA age 50+ catch-up
$1,000
Traditional IRA: Fully deductible if covered by employer plan and adjusted gross income is under:
Note: Fully deductible regardless of income if neither spouse is covered by employer plan
Single: $77,000
Joint: $123,000
Fully deductible if not covered by an employer plan but spouse is covered by an employer plan and adjusted gross income is under:
Joint: $230,000
Roth IRA contributions phased out for adjusted gross income over:
Single: $146,000
Joint: $230,000
Simple IRA Salary Deferral
$16,000
Simple IRA age 50+ catch-up
$3,500
SEP
25% of compensation; $69,000 max
HCE (Highly Compensated Employees)
$155,000
Overall Contribution Limit IRC 415(c)
$69,000
Maximum Compensation Limit
$345,000
415(b) Defined Benefit Limit
$275,000
Coverdell Educational Savings Account
$2,000
Annual Gifting and ABLE Accounts
$18,000
Social Security Limits
2021 Limits
Social Security Wage Base
$142,800
Social Security Tax
6.2%
Earnings Test Prior to Normal Retirement Age
$18,960
Earnings Test in Year of NRA
$50,520
2022 Limits
Social Security Wage Base
$147,000
Social Security Tax
6.2%
Earnings Test Prior to Normal Retirement Age
$19,560
Earnings Test in Year of NRA
$51,960
2023 Limits
Social Security Wage Base
$160,200
Social Security Tax
6.2%
Earnings Test Prior to Normal Retirement Age
$21,240
Earnings Test in Year of NRA
$56,520
2024 Limits
Social Security Wage Base
$168,600
Social Security Tax
6.2%
Earnings Test Prior to Normal Retirement Age
$22,320
Earnings Test in Year of NRA
$59,520