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Did You Know…?

November 12, 2019 | Weekly Commentary

by Jessica Goedtel, CFP®, Assistant Vice President / Financial Advisor
The IRS has just released their 2020 contribution and benefit limits. Here’s what you need to know:

  • The maximum 401(k) contribution has increased to $19,500, from $19,000. Catch-up contributions for those age 50 and older have also been increased to $6,500 (from $6,000 in 2018 & 2019).
  • The annual IRA contribution amount has not been increased and remains at $6,000 (plus $1,000 for catch-up contributions).

The income brackets for IRA and Roth IRA contributions have also been updated for the 2020 tax year; more information can be found on the official IRS press release at irs.gov.

This is a great time to review your current retirement savings strategies to make sure you are taking full advantage of your tax deferral options.