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Defined contribution retirement plan maximum contribution limits remain the same for 2021
The IRS announced this week that retirement plan contribution limits will not change from 2020 to 2021. The annual contribution maximum for 401(k), 403(b), and 457 plans will remain at $19,500, with a $6,500 catch-up contribution for those over the age of 50. IRA contribution limits also remain the same, with a $6,000 maximum and catch-up contributions limited to $1,000 per year.
|
2020 Limits |
2021 Limits |
|
|
401(k), 403(b), and 457 plans |
$19,500 |
$19,500 |
|
Age 50+ catch-up contribution (additional to the standard contribution) |
$6,500 |
$6,500 |
|
Traditional and Roth IRAs |
$6,000 |
$6,000 |
|
Age 50+ catch-up contribution (additional to the standard contribution) |
$1,000 |
$1,000 |
To view the IRS notice of contribution limit changes, visit https://www.irs.gov/pub/irs-drop/n-20-79.pdf