You will be able to set aside more money for retirement in the new year, according to the IRS. Here's how much pre-tax money you can put in workplace retirement savings plans and IRAs.
In 2020, you will be able to save as much as $19,500 in your 401, up from $19,000 this year.If you're 50 or over, you will be able to put away up to $6,500 more in your 401 and an additional $1,000 in your IRA.The IRS has raised the limits for how much you can put away in your retirement accounts in 2020.
Next year, you will be able to save up to $19,500 in your 401, up from $19,000 in 2019. That same limit also applies to 403, the government Thrift Savings Plan and most 457 plans .
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