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Projected 401k and Retirement Plan Limits for the Tax Year 2021
The IRS hasn't officially announced the 2021 limits yet, but based on the actual and projected CPI, most key Internal Revenue Code limits for qualified retirement plans won't increase in 2021. Below are our projected changes. Remember, these are unofficial projections.
| Chart of Select Limits |
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| 401k Plan Limits for Year |
2021* |
2020 |
2019 |
2018 |
2017 |
2016 |
2015 |
| 401k Elective Deferrals |
$19,500 |
$19,500 |
$19,000 |
$18,500 |
$18,000 |
$18,000 |
$18,000 |
| Annual Defined Contribution Limit |
$58,000 |
$57,000 |
$56,000 |
$55,000 |
$54,000 |
$53,000 |
$53,000 |
| Annual Compensation Limit |
$290,000 |
$285,000 |
$280,000 |
$275,000 |
$270,000 |
$265,000 |
$265,000 |
| Catch-Up Contribution Limit |
$6,500 |
$6,500 |
$6,000 |
$6,000 |
$6,000 |
$6,000 |
$6,000 |
| Highly Compensated Employees |
$130,000 |
$130,000 |
$125,000 |
$120,000 |
$120,000 |
$120,000 |
$120,000 |
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| Non-401k Related Limits |
| 403b/457 Elective Deferrals |
$19,500 |
$19,500 |
$19,000 |
$18,500 |
$18,000 |
$18,000 |
$18,000 |
| SIMPLE Employee Deferrals |
$13,500 |
$13,500 |
$13,000 |
$12,500 |
$12,500 |
$12,500 |
$12,500 |
| SIMPLE Catch-Up Deferral |
$3,000 |
$3,000 |
$3,000 |
$3,000 |
$3,000 |
$3,000 |
$3,000 |
| SEP Minimum Compensation |
$600 |
$600 |
$600 |
$600 |
$600 |
$600 |
$600 |
| SEP Annual Compensation Limit |
$290,000 |
$285,000 |
$280,000 |
$275,000 |
$270,000 |
$265,000 |
$265,000 |
| Social Security Wage Base |
$142,800 |
$137,700 |
$132,900 |
$128,400 |
$127,200 |
$118,500 |
$118,500 |
* Projected
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