A lot has changed in 2020, but contributions limits will remain relatively consistent going forward. The IRS recently announced the 2021 contribution limits. The most notable change specific to retirement plans is that the annual deferred contribution limit will increase from $57,000 in 2020 to $58,000 in 2021.

Here are the applicable updates for the coming year.

Please let us know if you have any questions. We look forward to working with you in 2021. Take good care.

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