From the Team at NNP: COVID-19 and Our Commitment to You >

Resolve in 2021 to make every effort to fully fund your saving goals! A new year brings new opportunities, and it’s the perfect time to consider increasing your contributions. Make sure you’re familiar with this year’s contribution limits, and if you have any questions, feel free to connect with a member of our team.

RETIREMENT PLAN LIMITS:

  • Traditional and Roth IRAs Contribution Limits $6,000
    • Age 50 and over Catch-up Contribution $1,000

SEP Contribution Limit

  • Up to 25% of compensation or $58,000

Elective Deferral Limits

  • 401(k), 403(b), 457 and SARSEP $19,500
    • Age 50 and over Catch-up Contribution $6,500
  • SIMPLE elective deferral $13,500
    • Age 50 and over Catch-up Contribution $3,000

Defined Contribution Limit $58,000

Max Includable Compensation $290,000

EDUCATION:

  • 529 Plan per individual—before gift tax $15,000
  • 529 Plan per couple—before gift tax $30,000
  • Accelerate 5 years of gifting into 1 year per individual $75,000
  • Accelerate 5 years of gifting into 1 year per couple $150,000

HEALTH SAVINGS ACCOUNT:

Maximum Contribution

  • Single $3,600
  • Family $7,200
    • Age 55 and over Catch-up Contribution $1,000

Minimum Health Insurance Plan Deductible

  • Single $1,400
  • Family $2,800
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