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401k Limits Increase in 2020

November 7th, 2019 at 11:31 am

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

3 Responses to “401k Limits Increase in 2020”

  1. creditcardfree Says:

    Thanks!

  2. disneysteve Says:

    Excellent. I hadn't heard that yet. So I can put in an extra $1,000 (I'm 55).

    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.

  3. Amber Says:

    Thanks, I just got the update and will be sharing with staff

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