IRS Retirement Plan Contribution Limits for 2020

November 19, 2019  |  

IRS Retirement Plan Contribution Limits for 2020

The IRS recently announced changes to the contribution limits for retirement plans effective starting 2020.  One major change is an increase in the annual contribution limit to $19,500 for 401(k)/457/403(b) plans – the catch-up contribution limit for employees age 50 or older will increase to $6,500.  Below is a table summarizing the major changes for 2020.

2020 IRS Contribution Limits

About Patrick Melvin Jr.

Patrick D. Melvin Jr., is a Wealth Manager at Independence Advisors, LLC. Pat models client’s financial plans and works with the firm’s clients on financial planning areas such as retirement planning, investment planning and estate planning. CLICK HERE TO ASK PAT.
%d bloggers like this: