The Internal Revenue Service recently announced an update on the new retirement contribution limits for 2021.
IRA contribution limits will remain the same in 2021. The amount is still at $6,000 for 2021, and it’s still $7,000 catch-up for those over 50 years old. 401(k), 403(b), most 457 plans will also remain the same in 2021 at a limit of $19,500. What this means is you might not be able to add more to your retirement accounts in 2021 as you did in 2020.
It’s important to keep in mind that the IRS does not increase retirement contribution limits every single year, so this is not too unordinary. Another important notion is that the government wants to help keep the economy in a state of positive momentum. Increasing IRA and 401(k) contribution limits could lead to people keeping their money longer by investing it, instead of spending it and stimulating economic growth. If you have an IRA or 401(k), then you should be aware of tax implications. CryptoTrader.Tax’s Guide To Cryptocurrency Taxes has all of the tax information you may need.
Bitcoin IRA Allows Investors to Transfer or Open Retirement Accounts
While not all Americans have an employer-sponsored retirement account, the ones that do often don’t contribute to it, either because they don’t know that they should – or because they can’t aﬀord to do so. Even if you don’t have a 401(k), you can still have an IRA, which still has tax-saving benefits. Whatever your particular situation is, you can learn about the beneﬁts of directing your retirement funds into Bitcoin IRA, as well as applying to start a new account, or transferring your existing account. Whether you want to invest in Bitcoin, Ethereum, Gold, or more, our services will make it easy to invest in your future.
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