The Internal Revenue Service announced retirement plan contribution limits for 2021.
For the most part the 2021 contribution limits are unchanged from the 2020 limits. The notable changes were the increase in the Roth IRA eligibility threshold.
If you have questions or would like more details, please contact our Certified Retirement Services Professional (CRSP), Rebecca Bitting
Contact Rebecca: 563.388.2575
| Elective Deferrals | 2021 |
| 401(k), 403(b), 457(b) Plans | Lesser of $19,500 or 100% of participant's compensation |
| Simple IRAs | Lesser of $13,500 or 100% of participant's compensation |
| IRA Contribution Limits | 2021 |
| IRAs (Traditional or Roth) | Lesser of $6,000 or 100% of earned income |
| Additional "Catch Up" Limits | 2021 |
| 401(k), 403(b), 457(b) | $6,500 |
| SIMPLE IRAs | $3,000 |
| IRAs (Traditional or Roth) | $1,000 |
| Roth IRA Compensation Limits - Income Phase Out Range | 2021 |
| Single | $125,000 - $140,000 |
| Married Filing Jointly | $198,000 - $208,000 |
| Married Filing Seperately | $0 - $10,000 |