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
