Using your 401(k) plan to save this year and next - Crawford Ellenbogen

Does your employer offer a 401(k) or Roth 401(k) plan?
Contributing to it is a taxwise way to build a nest egg. If you’re not already
socking away the maximum allowed, consider increasing your contribution between
now and year end. With a 401(k), an employee elects to have a certain amount of
pay deferred and contributed by an employer on his or her behalf to the plan.
The contribution limit for 2019 is $19,000. Employees age 50 or older by year
end are also permitted to make additional “catch-up” contributions of $6,000,
for a total limit of $25,000 in 2019. The IRS just announced that the 401(k) contribution
limit for 2020 will increase to $19,500 (plus the $6,500 catch-up
contribution).