Retirement Account Contributions

The IRS announced that contribution limits on 401(k)s and other qualified retirement accounts will be increasing slightly in 2020.  The new deferral limit for individuals under the age of 50 is $19,500, which is an increase of $500 from 2019.  The catch-up for individuals over age 50 will be $6,500 ($6,000 / 2019).  The total contribution limit (employee and employer …