Steve Coker, CFP
Updated Retirement Plan Contribution Limits 2021
The IRS has published the 2021 contribution limits for your 401k, IRA and other retirement plans. Now is a great time to review your contributions to ensure you are making the most of your retirement plans. Here are a few key items to remember as you make your 2021 contributions:
· It is usually best to make your 401k contributions throughout the year rather than ‘front-loading’ your contributions.
· 2020 IRA Contributions must be made before you file your 2020 tax return or April 15 – whichever is earliest.
SEP IRA contributions are also limited to 20% of business net income