Tax Year 2020
Account Type Requirements Contribution Limit Helpful Articles
Traditional or Roth IRA Contribution

(subject to phaseouts, limited by wages)

 Age 49 and under $6,000 Should I Fund a Roth or a Traditional Account?

Do Large Roth Conversions Require Backdoor Roth Contributions?
Age 50 and over $7,000
Employee Elective Deferral
401(k) or 403(b) plans		 Age 49 and under $19,500 Choosing Between Your Employee Retirement Account Options

Is Funding My 401(k) Match Sufficient to Fund My Retirement?
Age 50 and over $26,000
Employee Deferred Compensation
457(b) plans		 Age 49 and under $19,500 There also may be special 457(b) catch-up contributions when you are 3 years prior to the plan’s specified retirement age.
Age 50 and over $26,000
Employee Elective Deferral
SIMPLE 401(k) or IRA Plan
(with further limitations)		 Age 49 and under $13,500
Age 50 and over $16,500
SEP IRA Employer Contribution

401(k), 403(b), or 457 plans Employer Contribution

 The smaller of: $57,000

or 25% of compensation

 Can I Contribute to Both a SEP and a 401(k)?

Service: Retirement Plan Management
Health Savings Account (HSA) Contribution Single Plan Age 54 and under $3,550 When Should You Stop Funding Your HSA?

When Partial-Year HSA Contribution Limits Don’t Apply

Both Spouses Can Make The HSA Catch-Up Contribution

A Guide to HSA Qualified Medical Expenses, Contributions, and Family Plans with Adult Children

Service: Health Savings Account Advice
Age 55 and over $4,550
Family Plan Age 54 and under $7,100
Age 55 and over $8,100

Tax Year 2021
Account Type Requirements Contribution Limit Change from 2020
Traditional or Roth IRA Contribution

(subject to phaseouts, limited by wages)

 Age 49 and under $6,000 No change.
Age 50 and over $7,000
Employee Elective Deferral
401(k) or 403(b) plans		 Age 49 and under $19,500 No change.
Age 50 and over $26,000
Employee Deferred Compensation
457(b) plans		 Age 49 and under $19,500 No change.
Age 50 and over $26,000
Employee Elective Deferral
SIMPLE 401(k) or IRA Plan
(with further limitations)		 Age 49 and under $13,500 No change.
Age 50 and over $16,500
SEP IRA Employer Contribution

401(k), 403(b), or 457 plans Employer Contribution

 The smaller of: $58,000

or 25% of compensation

 +$1,000 to the limitation for defined contribution plans
Health Savings Account (HSA) Contribution Single Plan Age 54 and under $3,600 +$50 to base single contribution limit

+$100 to base family contribution limit

catch-up remains at $1,000
Age 55 and over $4,600
Family Plan Age 54 and under $7,200
Age 55 and over $8,200

 

You can find the IRS page on the same topic here: Retirement Topics – Contributions

Previous years:

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