As I mentioned in my now deleted blog entry due to the hacking, the IRS will/has announced higher retirement plan limits in 2020. You will now be able to contribute $19,500 to your 401k and catch-up contributions for those 50 & older has increased to $6,500. No change to the IRA limit.
Multiple articles linked below for your reading pleasure:
https://www.msn.com/en-us/money/retirement/irs-raises-retirement-account-limits-for-2020/ar-AAJXoWD?ocid=spartandhp
https://www.journalofaccountancy.com/news/2019/nov/irs-inflation-adjustments-2020-retirement-plans-201922407.html
https://www.forbes.com/sites/ashleaebeling/2019/11/06/irs-announces-higher-2020-retirement-plan-contribution-limits-for-401ks-and-more/#1f285dc533bb
https://money.usnews.com/money/retirement/iras/articles/ira-contribution-limits
https://401kspecialistmag.com/irs-bumps-2020-401k-contribution-limit-to-19500/
ETA:
Biweekly contribution for the 401k:$750
Biweekly contribution for catch-up:$250
401k Limits Increase in 2020
November 7th, 2019 at 07:31 pm
November 7th, 2019 at 08:22 pm 1573158166
November 8th, 2019 at 05:49 pm 1573235391
I recently maxed my account for 2019 at 25K so for the remainder of the year I'm putting the money that would have gone to the 401k into our taxable Vanguard account. It will be nice to tax-shelter another $1,000 in 2020.
November 9th, 2019 at 12:26 pm 1573302405