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It's here. The IRS has posted the new income and contribution limits for all types of retirement plans and accounts for 2020. The IRS also covered income and contribution limits for different medical savings accounts.
Many of the income thresholds and contribution limits were raised. Meanwhile, a few stayed the same or changed very little.
Millions of Americans save and accumulate money for retirement using IRAs and qualified plans (or non-qualified plans for highly compensated and key employees). And every year, the IRS updates the income thresholds and contribution limits for a wide variety of retirement and medical savings accounts. This is done to keep pace with inflation.
The changes to contribution limits for retirement plans and other accounts in 2020 are listed as follows:
Defined-benefit plans will also see change in 2020. The limit for defined-benefit plan annual benefits rises from $225,000 in 2019 to $230,000 in 2020.
And what about the income limit for the Saver's Credit (also known as the Retirement Savings Contributions Credit)? The credit for low-income and moderate-income workers is $65,000 for married couples filing jointly, up from $64,000.
For heads of household it is set at $48,750, up from $48,000. And for singles and married individuals filing separately, it's now $32,500, up from $32,000.
When a football team gets the ball inside the opposing team’s 20-yard line, they are considered to be in the “red zone." There it's more likely that they will score.
If you are within ten years of retirement (either before or after), then you are in what many financial professionals consider to be the “retirement red zone.” Famously coined by Prudential, the retirement red zone is a crucial stage for your long-term lifestyle.
Why? Because how your retirement portfolio behaves during this period can substantially affect your standard of living during your golden years.
Just as it's critical that a football team can come away with points from the red zone, it's also imperative that you manage your assets well during this critical period.
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