Most of these contribution limits have not changed from 2020, but it’s good because some of us are just learning about this and awareness is key.

So let’s start with the 401k and in 2021, employees can contribute up to $19,500 to their 401(k) plan for 2021. That’s $1,625 per month. bi monthly $812..50 or every other week around 750.

Anyone age 50 or over is eligible for an additional catch-up contribution of $6,500 in 2021 for a total 2021 contribution limit of $26,000. That’s about $2,166 per month.

These same 401k limits also apply to 403b and 457b participants.

For traditional and Roth IRA the maximum amount you can contribute to a traditional IRA for 2021 is $6,000 if you’re younger than age 50. That is $500 per month.

Workers age 50 and older can add an extra $1,000 per year as a “catch-up” contribution, bringing the maximum IRA contribution to $7,000. That is about $583 per month.

Now the last account I want to go over is the HSA, Health Savings Accout.

An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA.

An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year.

And remember, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.*

And for those of you who are fortunate enough to be able to fully fund these accounts remember you can always save money in 529 college savings plans for your kids or even open a regular taxable account where there are no limits, but you don’t have the tax benefits that 401ks, 403b, and IRAs provide.