/>iThe Internal Revenue Service has announced the 2020 cost of living adjustments to various limits. The adjusted amounts generally apply for plan years beginning in 2020. Some of the adjusted amounts, however, apply to calendar year 2020.
Employee Benefit Plans |
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| Plan Year | 2020 | 2019 |
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401(k), 403(b), 457 deferral limit |
$19,500 |
$19,000 |
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Catch-up contribution limit (age 50 or older by end of year) |
$6,500 |
$6,000 |
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Annual compensation limit |
$285,000 |
$280,000 |
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Annual benefits payable under defined benefit plans |
$230,000 |
$225,000 |
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Annual allocations to accounts in defined contribution plans |
$57,000 |
$56,000 |
| Highly compensated employee | Compensation more than $130,000 in 2019 plan year | Compensation more than $125,000 in 2018 plan year |
Health Savings Accounts |
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| Calendar Year | 2020 | 2019 |
| Maximum contribution | ||
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Catch-up contribution |
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| Minimum deductible | ||
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| Maximum out-of-pocket | ||
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Social Security |
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| Calendar Year | 2020 | 2019 |
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Taxable wage base |
$137,700 |
$132,900 |
| Maximum earnings without loss of benefits | ||
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Social Security Retirement Age |
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| Year of Birth | Retirement Age |
| Prior to 1938 | Age 65 |
| 1938 | 65 and 2 months |
| 1939 | 65 and 4 months |
| 1940 | 65 and 6 months |
| 1941 | 65 and 8 months |
| 1942 | 65 and 10 months |
| 1943 - 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
