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!