In response to the coronavirus pandemic wreaking havoc on the US economy, the Internal Revenue Service (IRS) earlier this year implemented an easing of the rules governing Individual Retirement Accounts and various other (401k, 403, 403b, etc.) retirement plans. This week, the agency announced the inflation-adjusted figures and extended many of the enhanced contribution limits it established this year. For 401k plans, the basic salary deferral remains flat at $19,500, with the $6500 catch up amount for those 50 and older extended for 2021. Beneficial to the self-employed who can save to the limit in either solo, individual 401k or SEP retirement plans, the overall limit rises $1000 to $58,000. For others, the IRA contribution limits remain flat at $6,000 with a $1,000 catch-up limit for those 50 or older. Similarly, many 2020 limits for defined benefit plans – such as 415 plans and 402 – remain unchanged or increase slightly for 2021. Additionally, the agency announced increases for estate and gift tax limits for 2021 to $11.7 million for individuals while a married couple can shield up to $23.4 million next year. More information on retirement plan limits and guidelines are available on the IRS website.