2020 Contribution Limits

2020 Contribution Limits

| November 20, 2019
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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.

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