When it comes to preparing for retirement, it’s very important to stay right up to speed with all the rules, regulations, and changes made by the IRS from year to year. With the next year looming just two months away, the IRS has made some 401(k) contribution limit changes for 2020 but still has left both Roth and traditional IRA contribution limits for 2020 flat.
The IRA limits are again unchanged from 2019’s $6,000, or $7,000 combined if you’re age 50 or older. This is the second straight year at those caps. The caps are the maximum amounts you can kick into those retirement accounts, whether you use just one type or in any combination. Before 2019, the IRA contribution limits stayed the same for six years in a row. So just in case you needed a refresher, today I thought I’d go over some of the things that you really need to know when you are saving in these accounts for your retirement!Continue reading“Everything You Need to Know About 401(k) Contribution Limits for 2020”