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Retirement Plan Limits for 2021

Retirement Plan Limits for 2021

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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Some information provided below may be obtained from outside sources believed to be reliable, but no representation is made as to its accuracy or completeness. This document is intended for discussion purposes only and should not be considered a recommendation. Please note that investments involve risk, and that past performance does not guarantee future results.

Some information provided may be obtained from outside sources believed to be reliable, but no representation is made as to its accuracy or completeness. Documents on this web site are intended for discussion purposes only and should not be considered a recommendation. Please note that investments involve risk, and that past performance does not guarantee future results.