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  • Contribution Limits,
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2020 Retirement Account Contribution Limits & Catch-Ups for 401k IRA & Self-Employed Small Business

Published On
January 31, 2020
Written by
Robert Canavan
Robert Canavan
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ABOUT HOSTS

Robert Canavan
Robert Canavan
ABOUT Robert

Rob Canavan is a Senior Financial Advisor with Pure Financial Advisors. In his role with Pure, Rob works directly with clients to help them accomplish their financial goals, specializing in the areas of retirement planning, tax planning, and investment management. Prior to joining Pure Financial Advisors, Rob used his CERTIFIED FINANCIAL PLANNER® certification to successfully [...]

In 2020, retirement account contribution limits and catch-up contribution limits were increased by the IRS. In this video, CERTIFIED FINANCIAL PLANNER™ Robert Canavan outlines the changes.

SECURE Act Guide

Transcript:

Hi. Today we’re going to talk about contribution limits for retirement accounts for 2020.

The contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the government’s Thrift Savings Plan (TSP) have increased from $19,000 to $19,500. The catch-up contribution limit for employees age 50 and over has increased from $6,000 to $6,500.

Unfortunately, the limit on annual contributions to an IRA remains unchanged. That will stay at $6,000, and if you’re over age 50, you can add another $1,000 to your contribution as a catch up for individual retirement accounts.

When it comes to SIMPLE retirement accounts, the 2020 limit has increased from $13,500 up from $13,000. Now the catch-up limit for that for people aged 50 and over is still $3,000.

For self-employed small business owners who use a SEP or a Solo 401(k), the limit has increased from $56,000 to $57,000 this year.

If you have any further questions or for more information please visit our website.

Make sure to subscribe to our channel for more helpful tips.

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