Do you have a "Zombie Plan" roaming around somewhere in your financial past? An old 401(k), 403(b), or other employer sponsored plan that's been neglected and untouched for so long that it's almost left for dead!
How to Navigate your Employer Sponsored Retirement plan
"My employer provides a Retirement Plan (401(k), 403(b), 457, SIMPLE IRA, etc.), but I don't understand it at all!"
Changes for 2020
The I.R.S. increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes.
*As of January 1st, 2020, you can put up to $6,000 in any type of IRA, for both tax years 2019 and 2020. The limit is $7,000 if you will be 50 or older at any time in 2020.1,2
*Annual contribution limits for 401(k)s, 403(b)s, the federal Thrift Savings Plan, and most 457 plans also get a $500 boost for tax years 2019 and 2020. The new annual limit on contributions is $19,500. If you are 50 or older at any time in 2020, your yearly contribution limit for one of these accounts is $26,000.1,2
This retirement plan allows teachers & employees of non-profits to invest for their futures.
Does your spouse contribute to a 401(k)? You are probably eligible for a retirement plan that can help you save and invest for retirement in the same way – a 403(b).