The Essential Retirement Savings Facts to Know for 2021

Every year, the IRS adjusts its retirement savings rules. Keeping up with those adjustments is usually good for your savings progress -- especially if you've been flirting with any of the IRS-imposed limits surrounding retirement contributions, or if you'll qualify for catch-up contributions this year.

Here are the essential retirement savings facts to know for 2021. Use them to maximize your contributions and move a step closer to the easygoing retirement you want.

This year, you can contribute up to $19,500 from your paycheck into your 401(k). If you will be 50 or older before year-end, you are also allowed an additional $6,500 in catch-up contributions. These limits apply only to the amounts deferred directly from your paycheck, including any Roth 401(k) contributions.

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Source Fool.com