401(k)

The IRS has announced the dollar limits for contributions and benefits in retirement plans and certain deferred compensation plans for 2020.  The limit for 401(k) elective deferrals has increased from $19,000 to $19,500 and the catch up for those 50 or over has also increased by $500 to $6,500.  That means the maximum deferral for age 50+ will be $26,000 in 2020.  See the at