The IRS recently announced it is not increasing contribution limits for 403b or 457 accounts for the 2021 tax year.
Here’s what that means for participants enrolled in the 403b/457
- The contribution limit for remains $19,500 in 2021.
- The age 50 catch-up limit remains $6,500 for 2021. This would make $26,000 the maximum possible contribution for accountholders who are 50 years or older.
If you need more information about 2021 contribution limits or determining if you are eligible for catch-up contributions, please contact your financial advisor.