You can save more next year. Okay, okay. You can always save more next year, or at least try to. Being more specific, you can save more in your 401k next year. The IRS increased its contribution limits for 2020. In case you missed it, here are the new limits.
Anyone can now save up to $19,500 in their employer’s 401k.
Those age 50 and older can save an additional $6,500, for a total of $26,000.
It’s worth mentioning you cannot contribute more than you earn for the year (seems self-explanatory, but those are the rules).
In addition to helping families and individuals with their wealth, my company also manages 401k plans for small businesses. Let me know if you’re interested in a free review of your company’s plan.
Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.
About the Author: John O’Connor
John has more than ten years experience as an Investment Advisor. He focuses on devising and maintaining portfolios that meet individuals’ needs, investment research, and investment strategy. John has been recognized as a “FIVE STAR wealth manager” by Twin Cities Business Magazine 2016-2020.