Social Security, Medicare and Retirement Plan Changes for 2021
If you’re looking for “one stop shopping” on all the changes related to Social Security, Medicare, and retirement plans, then this article in the Street.com by Robert Powell has it. Powell explains what the 1.3% cost of living adjustment means in reality and notes the maximum amount of earnings subject to the Social Security tax will increase to $142,800 from $137,700. The standard monthly premium for Medicare Part B enrollees will be $148.50 in 2021, an increase of $3.90 from $144.60 in 2020. Most of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans and the dollar limit for catch-up contributions (if age 50 or older), remain unchanged from 2020 limits, due to low inflation. Full article here.