On an annual basis, the Internal Revenue Service announces cost-of-living adjustments applicable for qualified retirement plans and IRAs. Some plan limits remain unchanged because the increase in the Consumer Price Index did not meet the thresholds for their adjustments, while others rise. For 2021, highlights included an increase in the Maximum annual contribution and an increase in the Social Security taxable wage Catch-up limit from $137,700 to $142,800.
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Annual Compensation and Contribution Limits for Qualified Retirement Plans