Contribution Limits Increase in Peach State Reserves
The Internal Revenue Service (IRS) thinks it’s so important for you to save for your retirement that they increased the maximum contribution limits in 401(k) and 457 plans for 2020.
Here’s a quick look:
IRS 2020 402(g) contribution limit is increasing by $500
- Under Age 50: from $19,000 to $19,500
- Over Age 50: from $25,000 to $26,000
- You can contribute the maximum amount to both a 401(k) and 457 account.
Even if you can’t contribute to the maximum amount, this is a great reminder to save as much as you can for your retirement.
Open a retirement savings account or increase your contributions today!
Peach State Reserves (PSR) participants, or those eligible for a PSR account, can increase contributions or open a 401(k) or 457 at GaBreeze.
Your future self will thank you!