However, if you’re not maxing out your retirement contributions, it’s a great reminder to contribute as much as you can right now to ensure you won’t have regrets about how much money you saved for retirement later.
The 2021 limit for the 403(b) is $19,500 and the age 50 and over catch-up is $6,500. For the IRA, the limit is $6,000 with the age 50 and over catch-up an additional $1,000. Get more details at weabenefits.com/limits.
You will need to contact your employer to increase your 403(b) contribution. Some employers only allow changes at the start of the school year and then again in January. Others allow more frequent changes. Both you and your employer will need to sign a salary reduction agreement.
Take some time to review your account and see if you can give yourself a raise! Call us at 1-800-279-4030 if you need assistance or have questions.