As part of your 2020 planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits:

Retirement Plans	2019	2020	Change	Age 50 or older catch up
IRA: Traditional	$6,000	$6,000	none	add: $1,000
IRA: Roth	$6,000	$6,000	none	add: $1,000
IRA: SIMPLE	$13,000	$13,500	+$500	add: $3,000
401(k), 403(b), 457 plans	$19,000	$19,500	+$500	add: $6,500

 

Take action

If you have not already done so, please consider:

• Reviewing and adjusting your periodic contributions to your retirement savings accounts to take full advantage of the tax advantaged limits
• Setting up new accounts for a spouse or dependent(s)
• Using this time to review the status of your retirement plan
• Reviewing contributions to other tax-advantaged plans including flexible spending accounts and health savings accounts