2020: Increased limits for employee contributions to retirement plans

The IRS limit on annual employee contributions to 401(k)s, 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan will rise to $19,500 next year, up from $19,000 in 2019 .

The limit for IRAs remains $6,000 or $7,000 for ages 50 +.