IRS Releases New Limits for Retirement Plans

Think of this as a friendly alert to double check your personal retirement contribution amounts with your HR or payroll department to ensure you continue contributing at the maximum amount as that limit has increased for 2020.For business owners, this is great information to share with employees who are maxing out so they can continue fully maximizing their retirement savings potential.Looking for additional guidance personally or for your employees?  Reach out to R&R Wealth Management with questions: MyKnowledgeAdvisor.com / 262.696.5167.

  2020 Contribution and Benefit Limits For 401(k) and other Qualified Plans   *Applies for determining Highly Compensated Employees for the 2020 plan year.Limits stated above are subject to the provisions of the plan.Refer to your plan document or contact your plan consultant (TPA) for more information.

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