Page 18 - Means Wealth 2020/2021 Perspectives
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RETIREMENT CONTRIBUTION LIMITS
Plan Type 2020 2021
Traditional and Roth IRA Contribution $6,000 $6,000
Catch-up for individuals 50 & over $1,000 $1,000
Deadline April 15, 2021 April 15, 2022
401(k), 403(b) and 457 Contribution $19,500 $19,500
Catch-up for individuals 50 & over $6,500 $6,500
Deadline December 31, 2020 December 31, 2021
SIMPLE IRA Contribution $13,500 $13,500
Catch-up for individuals 50 & over $3,000 $3,000
Deadline December 31, 2020 December 31, 2021
SEP IRA 25% of pay 25% of pay
(no more than $280,000 of (20% for Self-employed) (20% for Self-employed)
compensation may be taken up to $57,000 up to $58,000
into account)
Deadline April 15, 2021 April 15, 2022
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