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.

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