The IRS released 2021 contribution limits for 401(k)s – the basic salary deferral rate for 2021 remains unchanged, at $19,500. The catch-up amount for those over 50 years-of-age, also remains the same at $6,500. The overall limit for the plans increases by $1,000 from $57K to $58K.
Individual Retirement Account (IRA) contribution limits, also remain fixed at $6,000, with a $1,000 catch-up limit for those 50 and older.
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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice.