Retirement Contribution Updates for 2020

Towards the end of each year, the Internal Revenue Service (IRS) releases adjustments for retirement plan policies for the upcoming year.

In November, the changes for 2020 were released. Highlights include:

  • A cost of living increase for the contribution limits on employer retirement plans, 401(k)s, 403(b)s, 457 plans and TSPs, from $19,000 to $19,500.
  • Catch-up contributions for these plans for people over 50 will increase from $6,000 to $6,500.
  • There will be no cost of living increase for IRA contributions, or for IRA catch-up contributions.

The IRS announced other adjustments for 2020 that can be found by following this link to the IRS news release. 

 

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
Bookmark this page