| Limitation | 2022 | 2021 | 2020 |
|---|---|---|---|
| Maximum annual benefit | $245,000 | $230,000 | $230,000 |
| Maximum annual contribution | $61,000 | $58,000 | $57,000 |
| Maximum 401(k) deferral | $20,500 | $19,500 | $19,500 |
| 401(k) deferral catchup (over age 50) | $6,500 | $6,500 | $6,500 |
| Maximum SIMPLE deferral | $14,000 | $13,500 | $13,500 |
| SIMPLE catch-up (over age 50) | $3,000 | $3,000 | $3,000 |
| Maximum IRA contribution | $6,000 | $6,000 | $6,000 |
| IRA catch-up (over age 50) | $1,000 | $1,000 | $1,000 |
| Annual compensation limit | $305,000 | $290,000 | $285,000 |
| Social Security Wage Base | $147,000 | $142,800 | $137,700 |
| Medicare maximum | Unlimited | Unlimited | Unlimited |
| Comp. threshold for Highly Compensated Employees | $135,000 | $130,000 | $130,000 |
| Income (exclusion) threshold for SEPs | $650 | $650 | $600 |
your local retirement plan administrator