The IRS announced 2021 deferral limits for employer-sponsored supplemental retirement plans – such as 457(b) and 401(k)1 – and those amounts remain unchanged from 2020. As you know, these types of plans provide an excellent opportunity to tuck away dollars for retirement while deferring income taxes.
Log on to FrontLinePlan.com and use My Interactive Retirement PlannerSM along with the table below to see the impact of increasing your contribution. If you have a retirement plan account with Nationwide, you may also schedule time with your local Retirement Specialist or contact Nationwide’s Retirement Resource Group at 888-401-5272 for assistance.
Remember, the beginning of the year is also a good time to check your retirement readiness and make sure your beneficiary designations are up to date.