What is the maximum contribution limit for the retirement plan?
Asked 6 months ago
The maximum contribution limit for the retirement plan offered by JP Morgan Retirement Plan Services depends on various factors such as the type of plan, age, and income. However, as of 2021, the maximum annual contribution limit for a 401(k) plan is $19,500 for individuals below the age of 50. For individuals aged 50 and above, a catch-up contribution of an additional $6,500 is allowed, bringing the total maximum contribution to $26,000. It's important to note that these limits are subject to change based on annual IRS regulations. Additionally, certain plans may have additional contribution limits set by the employer. It is advisable to consult with JP Morgan Retirement Plan Services or review the specific plan details for accurate and up-to-date contribution limits.
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