A new year and a new decade begin next week. Whether you’re retired or still working, many changes are coming that could affect you—for better and/or worse. Here’s our breakdown of what you need to know in 2020:
Retirement plans
You’ll be able to stash $19,500 in your 401(k) plan, 403 (b), Thrift Savings Plan and most 457 plans. That’s up $500 from this year.
If you’re age 50 or older, so-called “catch-up” contributions allow you to save an additional $6,500 in each of these accounts—also up $500 from this year.
If you have a SIMPLE retirement account (typically offered by small businesses with 100 or fewer employees), you can save $13,500, which is also up $500 from 2019.
If you have an individual retirement account (IRA), you can save $6,000 in 2020, with a catch-up contribution of an additional $1,000. These levels are unchanged from 2019.
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