IRS increases plan limits for 2020

^$19,500 is the annual limit for elective deferrals (which consists of both pretax and Roth deferrals).

If applicable conditions are met, people age 50 and older may contribute an additional ^$6,500 in catch-up contributions for a total of ^$26,000 per year.

These limits apply to deferrals into 401(k), 403(b) and governmental 457(b) plans for tax year 2020.

For more information, visit the IRS website.