401k: Severn, MD: Retirement Plan Contribution Limits Increase in 2020 - 12/22/19 02:25 PM
IRS limits for individual contributions to employer-sponsored retirement plans are increasing in 2020. If you are an employee who participates in 401(k), 403(b), the Thrift Savings Plan for civil and uniformed service members, or most types of 457 plans, you may contribute up to $19,500 in 2020, up from $19,000 in 2019. The catch-up contribution limit for employees 50 years of age or older also increases in 2020, from $6,000 to $6,500. Therefore, if you are an employee age 50 or over, you may be able to contribute as much as $26,000 to your 401(k) in 2020.
 
The contribution limit for SIMPLE retirement … (0 comments)

401k: Severn, MD: 401K & IRA Contribution Limits for 2019 Taxes - 01/20/19 11:27 AM
Here is some more good news.
Due to an increase in the cost of living the IRS increased the contribution limits for 2019 for retirement plans. The increases in the annual limit to contributions are as follows:
 
1) 401(k), 403(b), most 457 plans, Thrift Savings Plan: Limit increased from $18,500 to $19,000.           If you are age 50 or older and have already contributed the maximum amount to your 401(k) during the current year, you may make an additional $6,000 catch-up contribution. This is unchanged from 2018.
 
2) IRAs, Roth IRAs: limit increased from $5,500 to $6,000. If you are aged 50 or older, the IRA, Roth … (0 comments)