Want to make sure you are prepared for retirement? Take advantage of the higher savings limits for 401(k), 403(b) and TSP accounts for 2020.
Good news for 401(k) savers!
The IRS says you can contribute more to your 401(k) in 2020.
Under 50? The savings limit will increase from $19,000 this year to $19,500 next year.
Age 50 or over? The limit goes up from $25,000 to $26,000.
Make sure to tell your employer to change your payroll deductions as of January 1.
Savings Tip: Are you a teacher, participating in a 403(b) plan? Or a government or military employee saving in the Thrift Savings Plan? These higher savings limits for 2020 apply to you, too!
No comments yet.