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 …

Increased Contributions Limits

The IRS announced cost of living adjustments in the contribution limits to popular retirement savings accounts for 2019.  The limit allowed to be contributed by employees to a 401(k), 403(b), Thrift Savings Plans, and 457 plans for 2019 increased from $18,500 to $19,000.  Participants over the age of 50 can contribute an additional $6,000 (unchanged from 2018). Contribution limits to …