IRS increases retirement savings contribution limits for 2020

Every year the IRS releases inflation adjustments to amounts used in tax policy. One of these adjustments is the amount that can be contributed to retirement savings accounts.

Here is your comparison of contribution amounts to your retirement accounts for 2019 and 2020.

2019 & 2020 Retirement Contribution limits
2019 & 2020 Retirement Contribution limits

For more details on these saving accounts and amounts, visit the IRS website https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500