Is there a specific dollar contribution limit each year?

contribution dollar limit year
0
Posted

Is there a specific dollar contribution limit each year?

0

No. However, IRS limits do apply to the ultimate annual lifetime benefit you can receive at retirement, and these limits could affect your contributions. For example, if your projected benefit payout goes above the limits, your desired annual contribution level will be reduced. The IRS also has rules for how the maximum annual benefit level is translated into a maximum lump sum available at retirement. The maximum lump sum is calculated based on legislated interest rate and mortality assumptions.

Related Questions