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Retirement Plan Limits for 2021

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To make it possible for voluntary retirement savings to keep up with inflation, the various numerical limits embedded within qualified retirement plans are indexed for inflation. However, for 2021 the IRA contribution limit stays at $6,000 if the individual is younger than age 50, and $7,000 if he or she attains age 50 or older in 2021. Other limits are shown in the following table:

Catch-up contributions are permitted by those employees who are 50 years of age or older during the calendar year. 

Personal saving for retirement never has been more important.  These tax benefits make saving a bit less painful.

 

(December 2020)

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The information contained herein does not constitute legal, tax or investment advice by Country Club Trust Company. For legal, tax or investment advice, the services of a competent professional person or professional organization should be sought. Trust services and investments are not FDIC insured, are not guaranteed by the Trust Company or any Trust Company affiliate, and may lose value. Past performance is no guarantee of future results.

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