FAQs re: 2020 Financial Planning and Retirement Contribution Limits

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.

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FAQs re: 2019 Financial Planning and Retirement Contribution Limits

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 2019?
A: The elective deferral amounts are $19,000 and if you are 50 years old or older you can defer an additional $6,000 for a total of $25,000.  Even if you turn 50 years old at the end of 2019 you can still participated in the “catch-up” limit.

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