The IRS recently released its 2021 contribution limits for 401(k) plans.

For 2021, employee contributions will remain at a limit of $19,500 and the additional $6,500 catch-up contribution for anyone turning age 50 or older. Employer and employee contributions COMBINED will increase by $1,000 for year 2021 to $58,000 for employees age 49 or younger and $64,500 for employees age 50 or older.

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