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2020 Retirement Plan Limits

January 28, 2020
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As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable.

Here are annual contribution limits for 2019 and 2020:

 

Retirement Plans

2019

2020

Change

Age 50 or older
catch up

IRA: Traditional

$6,000

$6,000

none

add: $1,000

IRA: Roth

$6,000

$6,000

none

add: $1,000

IRA: SIMPLE

$13,000

$13,500

+$500

add: $3,000

401(k), 403(b), 457 plans

$19,000

$19,500

+$500

add: $6,500


Take action

If you have not already done so, please consider:

  • Reviewing and adjusting your periodic contributions to your retirement savings accounts to take full advantage of the tax advantaged limits
  • Setting up new accounts for a spouse or dependent(s)
  • Using this time to review the status of your retirement plan
  • Reviewing contributions to other tax-advantaged plans including flexible spending accounts and health savings accounts

Contact us with any questions or to set up a financial review meeting.


Ronald Donato, CFP®, MBA can be contacted at 856.667.6228 or RDonato@asfinancialservices.com.