IRS Releases 2020 Retirement Contribution Limits

IRS Releases 2020 Retirement Contribution LimitsThe employee contribution limit for 401(k) plans will be $19,500, up from $19,000 in 2019. The catch-up contribution limit for employees aged 50 and over will be $6,500, up from $6,000.

The employee contribution limit for IRAs will remain $6,000. The catch-up contribution limit for employees aged 50 and over also remains unchanged, at $1,000.

The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will increase to $13,500, up from $13,000 in 2019.

For additional information, visit the IRS website.