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Many IRA and retirement plan limits are indexed for inflation each year. On November 6, 2019 the IRS (Notice 2019-59) announced the inflation-adjusted numbers for 2020. The maximum IRA contribution for 2020 is $6,000, unchanged from 2019 (the catch-up limit for those 50 and older also remains unchanged at $1,000). However, certain phaseout ranges for determining the deductibility of traditional IRA contributions, and for determining whether and individual can contribute to a Roth IRA, have increased for 2020. For employer-sponsored retirement plans, the elective deferral limit for 401(k), 403(b), and 457(b) plans increases to $19,500 for 2020, and the catch-up limit increases to $6,500. The maximum amount that can be contributed to a defined contribution plan for 2020 increases to $57,000, and the maximum amount of compensation that can be taken into account in determining benefits for most plans for 2020 increases to $285,000.
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Prepared by Broadridge Investor Communication Solutions, Copyright 2019.
SESLOC Wealth Management is provided through our relationship with CUSO Financial Services, L.P. (CFS)* an Independent Broker-Dealer and SEC Registered Advisor formed for the express purpose of serving Credit Union member’ investment and financial planning needs.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS adre not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including potential loss of principal. Investment Representatives are registered through CFS. SESLOC has contracted with CFS to make non-deposit investment products and services available to credit union members. CFS and its representatives do not provide tax advice. For specific tax advice, please consult a qualified tax professional.