The IRS puts limits on how much individuals can contribute to employer-sponsored 401(k) plans.

The limits are as follows:

For 2020:

Your Contributions: $19,500

Catch-up Contributions (if age 50 or older in 2020): $6,500

Total Annual Contributions: $57,000

Maximum Eligible Compensation (maximum amount of compensation eligible for contributions to the plan): $285,000