A Word To The Wise.

The IRS raised contribution limits for employees who participate in retirement plans allowing participants to contribute a little more money for retirement in 2020.

2020 401(k) Retirement Plan Limits
401(k) Elective Deferral Limit $19,500
Catch-Up Deferral Limit $6,500
Plan Contribution Limit $57,000
Annual Compensation Limit $285,000