The year 2020 is just around the corner, which means it’s time for updates on limits to tax advantage retirement account and other important accounts from the IRS.

Here is a complete list of all retirement account and other IRS limits for the year 2020:

Highlights for 2020:

  • 401(k), 403(b) & Thrift Savings Plans - $19,500 (up from $19,000 in 2019)

  • Trad and Roth- IRA (Individual Retirement Account - $6000 (same in 2019)

  • SIMPLE IRA - $13,500 (up from $13,000 in 2019)

  • SEP IRA - $ 57,00 (up from $56,000 in 2019)

Want to learn how to plan for Retirement? Check out our The Optometrist's Guide to Retirement

Need help with your Tax? Check out our Recommended Tax Experts 

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About DatBuiOD

Dr. Bui is a lead optometrist at the Apple Wellness Center in the heart of Silicon Valley. He has a deep passion for ocular disease and healthcare technology. He started his career with $230K of student debt and has been focusing on strategies on attacking this massive debt such as budgeting and personal finance, along with investing. He is a big advocate for passive index funding with a small portfolio toward technology stocks. Lastly, he wants to help all new doctors and high-earning professionals navigate toward wealth and financial independence.

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