Copyright 2019 Retirement Planners and Administrators, Inc.

Legal Notices

CONTACT

7639 Leesburg Pike
Falls Church, Virginia 22043

888.689.5530
703.893.7322 

sales@retirementplanners.com

RPA ACCOUNT ACCESS

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CONTRIBUTION LIMITS

Each year the Internal Revenue Service announces the cost of living adjustments affecting dollar limitations for pension plans and other retirement related items. The following table is provided to help you determine how much to set aside for retirement planning in 2020.
Compensation Limit for Calculating Contributions
Social Security - Maximum Taxable Wage Base
Highly Compensated Employee (HCE) Determination Threshold
Key Employee/Officer Determination Threshold
Defined Contribution Maximum Limit (all sources)
Maximum Employee Elective Deferrals (401k/403b/457)
Maximum Catch-Up Limit – Age 50+ (401k/403b/457)
Defined Benefit Pension Plan Annual Benefit Limit 
SIMPLE Plans - Annual Contribution Limit
SIMPLE Plans Catch-Up Contribution Limit – Age 50+
IRA Contribution Limit 
IRA Catch-Up Limit– Age 50+

2020

$285,000

$137,700

$130,000

$185,000

$57,000

$19,500

$6,500

$230,000

$13,500

$3,000

$6,000

$1,000

2019

$280,000

$132,900

$125,000

$180,000

$56,000

$19,000

$6,000

$225,000

$13,000

$3,000

$6,000

$1,000

This information is provided as a courtesy and is not designed to be all encompassing. It is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.