The IRS has updated contribution limits for pension plans and other retirement accounts for the 2021 tax year. As you’ll see in the chart below, most of these limits remain unchanged from last year.
| 2021 | 2020 | 2019 | 2018 | |
| RETIREMENT PLANS | ||||
| Annual Compensation Limits | 290,000 | 285,000 | 280,000 | 275,000 |
| Elective Deferrals 401(k) & 403(b) | 19,500 | 19,500 | 19,000 | 18,500 |
| Catch-up Contributions | 6,500 | 6,500 | 6,000 | 6,000 |
| 457 Elective Deferral | 19,500 | 19,500 | 19,000 | 18,500 |
| Defined Contribution Limits | 58,000 | 57,000 | 56,000 | 55,000 |
| IRAs | ||||
| IRA Contribution Limit | 6,000 | 6,000 | 6,000 | 5,500 |
| IRA Catch-Up Contributions | 1,000 | 1,000 | 1,000 | 1,000 |
| SEP | ||||
| SEP Maximum Compensation | 290,000 | 285,000 | 280,000 | 275,000 |
| SIMPLE Plans | ||||
| SIMPLE Maximum Contributions | 13,500 | 13,500 | 13,000 | 12,500 |
| SIMPLE Catch-up Contributions | 3,000 | 3,000 | 3,000 | 3,000 |
