2020 Retirement Plan LimitsSubmitted by Tri-Circle Financial Strategies on November 8th, 2019
The IRS has announced the dollar limits for contributions and benefits in retirement plans and certain deferred compensation plans for 2020. The limit for 401(k) elective deferrals has increased from $19,000 to $19,500 and the catch up for those 50 or over has also increased by $500 to $6,500. That means the maximum deferral for age 50+ will be $26,000 in 2020. See the attached document for more details.