IRS has announced higher 2020 retirement plan contribution limits for 401(k)s and more
Share to linkedinHow much can you save for retirement in 2020? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020: 401 contribution limits are up; traditional IRA contribution limits stay the same; almost all the other numbers are up.
So super-savers age 50-plus can sock away $33,000 in these tax-advantaged accounts for 2020. If your employer allows aftertax contributions or you’re self-employed, you can save even more. The overall defined contribution plan limit moves up to $57,000, from $56,000. . In plans offering catch-up contributions, 15% of those age 50 or older took advantage of the extra savings opportunity. High earners are really saving: 6 out of 10 folks earning $150,000+ contributed the maximum allowed, including catch-ups.The annual contribution limit for employees who participate in 401, 403, most 457 plans and the federal government’s Thrift Savings Plan is $19,500 for 2020—a $500 boost over 2019.
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