The IRS recently announced 2021 limits affecting retirement plans and other qualified savings vehicles. Most notable are changes to the annual compensation limit, 415 annual additions limit, and the social security taxable wage base. SYM reviews IRS limits each year and applies the information to the financial strategies that are in place for its clients. As always, feel free to contact us with any questions on this IRS 2021 limits table.
| 401(k) Related Limits | 2021 | 2020 |
| 401(k) Elective Deferrals | $19,500 | $19,500 |
| 401(k) Catch-up Contribution Limit | $6,500 | $6,500 |
| 415 Annual Additions Limit | $58,000 | $57,000 |
| Annual Compensation Limit | $290,000 | $285,000 |
| Social Security Taxable Wage Base | $142,800 | $137,700 |
| Non-401(k) Related Limits | ||
| 403(b) Elective Deferrals | $19,500 | $19,500 |
| 403(b) Catch-up Contribution Limit | $6,500 | $6,500 |
| SIMPLE Deferrals | $13,500 | $13,500 |
| SIMPLE Catch-up Contribution Limit | $3,000 | $3,000 |
| IRA Contribution Limit | $6,000 | $6,000 |
| IRA Catch-up Contribution Limit | $1,000 | $1,000 |
| SEP Minimum Compensation | $650 | $600 |
| SEP Annual Compensation Limit | $290,000 | $285,000 |
Source: irs.gov
Questions? Reach out to your SYM team at 800-888-7968. We are here to help.
Disclosure: The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. SYM-20-108
