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Bad News on IRA and 401(k) Contribution Limits for 2021

November 12, 2020

From the Kiplinger website

For 2021, employees who are saving for retirement through 401(k)s, 403(b)s, most 457 plans, and the federal government’s Thrift Savings Plan can contribute up to $19,500 to those plans during the year. That’s the same contribution limit in place for 2020.

The “catch-up” contribution limit for employees age 50 or older who participate in these plans also holds steady in 2021 at $6,500 (for a total contribution limit of $26,000 for employees 50 and older).

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