The IRS has announced contribution and benefit limits for 2020. Here is a summary of the updated limits
- 401(k), 403(b), most 457 plans, and Thrift Savings Plan: contribution limit is increased from $19,000 to $19,500.
- Catch-up contributions: for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500.
- SIMPLE retirement accounts: increased to $13,500, up from $13,000 for 2019.
- IRAs: The limit on annual contributions to an IRA remains UNCHANGED at $6,000. The additional catch-up contribution limit for individuals aged 50 and over remains UNCHANGED at $1,000 too.