The IRS recently announced 2020 limits affecting retirement plans and other qualified savings vehicles. Most notable, the year 2020 will see an increase to both the deferral limit and the catch-up limit. IRA contribution and catch-up limits will remain unchanged for the second year in a row. Please refer to the table below for other adjustments.

 

401(k) Related Limits20192020
401(k) Elective Deferrals$19,000$19,500
401(k) Catch-up Contribution$6,000$6,500
415 Annual Additions Limit$56,000$57,000
Annual Compensation Limit$280,000$285,000
Social Security Taxable Wage Base$132,900$137,700
   
Non-401(k) Related Limits  
403(b) Elective Deferrals$19,000$19,500
403(b) Catch-up Contribution$6,000$6,500
SIMPLE Deferrals$13,000$13,500
SIMPLE Catch-up Contribution$3,000$3,000
IRA Contribution$6,000$6,000
IRA Catch-up Contribution$1,000$1,000
   

 

Should you have any questions, please do not hesitate to contact a SYM advisor at 800-888-7968 or by visiting www.SYM.com.

 

Disclosure: The opinions expressed herein are those of SYM Financial Corporation (“SYM”) and are subject to change without notice. This material is not financial advice or an offer to sell any product. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request