2020 Contribution Limits

2020 Contribution Limits

| November 20, 2019

The 2020 contribution limits have been updated.

Every couple years the IRS increases the contribution limits for retirement accounts.  This year some accounts changed and others did not.

- 401(k), 403(b) and 457 accounts had the limit raised from $19,000 to $19,500.

- The catch up contribution for those over 50 went from $6,000 to $6,500.

- This takes the maximum employee contribution for those over 50 from $25,000 to $26,000.

- The Simple IRA limit was raised to $13,500 however the catch up for those over 50 remained at $3,000.

- Traditional IRA and Roth IRA limits were unchanged at $6,000 per year as well as the catch up which stays at $1,000.

Click on the attachment to see even more details of the 2020 changes.