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Verisail Partners

20 Second Advisor: 2020 Retirement Contributions

Now is a great time to plan for 2020. How much will you save towards retirement in 2020? Do you know how much you should be saving?

Here are the maximum amounts you can save into the most commonly used retirement plans in 2020:

  • 401k Pre-tax or ROTH – $19,500 (increased from $19,000)
  • 401k Catch-up if over 50 – $6,500 (increased from $6,000)
  • SIMPLE IRA – $13,500 (increased from $13,000)
  • SIMPLE IRA Catch-up if over 50 – $3,000
  • Traditional IRA or ROTH IRA – $6,000
  • Traditional IRA or ROTH IRA Catch-up if over 50 – $1,000

Let us know if we can help you plan for 2020!

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