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Retirement Plan Contribution Limits

Below are the retirement plan contribution limits for 2021, as well as the 2020 limits for your reference. If you have questions about starting a plan for you or your business, fill out the form on the Contact Us page and we will be in touch. For information regarding your eligibility to deduct certain contributions, please consult with your tax professional.

2021 Retirement Plan Contribution Limits

Below are the 2021 retirement plan contribution limits. Please consult with your tax professional regarding your eligibility to make a 2020 contribution and the deadline by which to make a 2020 contribution.

IRA Contribution

          Under age 50$6,000
          Age 50 and over$7,000
SEP Contribution
          $58,000 limitUp to 25% of compensation
SIMPLE IRA Elective Deferral
          Under age 50$13,500
          Age 50 and over$16,500
401(k), 403(b), 457, and SARSEP
          Elective deferral under age 50$19,500
          Elective deferral age 50 and over$26,000
Annual defined pension contribution limit$58,000
Annual defined pension benefit limit$230,000



2020 Retirement Plan Contribution Limits

IRA Contribution

          Under age 50$6,000
          Age 50 and over$7,000
SEP Contribution
          $56,000 limitUp to 25% of compensation
SIMPLE IRA Elective Deferral
          Under age 50$13,500
          Age 50 and over$16,500
401(k), 403(b), 457, and SARSEP
          Elective deferral under age 50$19,500
          Elective deferral age 50 and over$26,000
Annual defined pension contribution limit$57,000
Annual defined pension benefit limit$230,000



We Can Help You Set Up a Plan For Your Business

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For more information about our firm and the services we offer, send us an email or call the office. We would welcome the opportunity to speak with you.

info@barkerfg.com | 781-743-2600