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.