IRA Financial's Adam Bergman Esq. discusses the recently announced contribution limits for 2021 for retirement plans, including the Solo 401(k), Self-Directed IRA, SIMPLE and SEP IRAs, along with a historical look at the limits. -- Discover more videos by IRA Financial: Subscribe to our channel: -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(K) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. Learn More: ...(read more)
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The IRS has recently released new maximum contribution numbers for both traditional and Roth Individual Retirement Arrangements (IRAs), as well as for 401(k) retirement plans. These new numbers have been announced under the umbrella of Adam Talks, one of the IRS’s many outreach initiatives aimed at informing and educating taxpayers about their options for retirement savings. The new maximum contribution numbers for traditional and Roth IRAs remain the same as they were in 2020, at $6,000 for those under age 50 and $7,000 for those age 50 and up. The limits for 401(k) plans, however, have increased for 2021. The new annual maximum is now $19,500, up from the 2020 limit of $19,000. The catch-up contribution limit for those 50 and older has also increased, from $6,500 to $6,000. These new limits are important because they determine how much taxpayers can contribute to their retirement accounts each year, which in turn can significantly impact their financial futures. For example, if an individual consistently contributes the maximum amount to their IRA or 401(k) each year, they can potentially accumulate a significant amount of retirement savings over time. The IRS’s Adam Talks initiative aims to encourage individuals to take full advantage of these contribution limits by providing them with information and resources about retirement savings options. Through a variety of avenues, including online videos, podcasts, and social media, the IRS hopes to educate taxpayers about the importance of saving for retirement and empower them to make informed decisions about their retirement accounts. In addition to encouraging individuals to contribute the maximum amount allowed each year, the IRS also advises taxpayers to regularly review and adjust their retirement savings plans as they progress through their careers and financial circumstances change. For example, as individuals earn more money or change jobs, they may want to consider increasing their contributions or exploring different retirement savings options to ensure they are on track to meet their financial goals. Overall, the new maximum contribution limits for IRAs and 401(k) plans can have a significant impact on individuals’ retirement savings, and the IRS’s Adam Talks initiative is a valuable resource for individuals looking to maximize their savings potential. By staying informed and taking advantage of these contribution limits, individuals can take steps to secure their financial future and enjoy a comfortable retirement. https://inflationprotection.org/new-ira-401k-maximum-contribution-numbers-released-by-irs-adam-discusses/?feed_id=87886&_unique_id=643a03474e1ca #Inflation #Retirement #GoldIRA #Wealth #Investing #2021401kContributionLimits #2021ContributionLimits #2021IRAContributionsLimits #Retirement #retirementplanning #ROTH401k #RothIRA #sepira #simpleira #Solo401k #SEPIRA #2021401kContributionLimits #2021ContributionLimits #2021IRAContributionsLimits #Retirement #retirementplanning #ROTH401k #RothIRA #sepira #simpleira #Solo401k
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