2020 Key Financial NumbersJanuary 7, 2020
Retirement contribution limits, tax rates, and more information to keep in mind throughout 2020.
- Contribution limits for retirement accounts--including 401(k)s, 403(b)s, and SIMPLE IRAs--have increased by $500 in 2020. Limits for Traditional and Roth IRAs have remained the same.
- Reduced tax rates that were introduced in 2018 will remain in effect through 2025.
- Annual retirement benefit amounts for Social Security are almost double if taken at age 70 rather than starting them when eligible at age 62.
- Stay educated on the markets, investments, and financial planning.