You Can Save More Next YearYou 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.