by Philip Lee, CFP®
Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits:
Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2020?
A: The elective deferral amounts are $19,500 and if you are 50 years old or older you can defer an additional $6,500 for a total of $26,000. Even if you turn 50 years old at the end of 2020 you can still participated in the “catch-up” limit.
Q: What is the maximum I can contribute to my IRA or Roth IRA in 2020?