401(k), 403(b), TSP Contribution Limits Climb in 2020

There's good news for retirement savers as we head into 2020. Contribution limits for most types of accounts are going up next year, which means you can pump more money into your retirement savings. The higher limits apply to 401(k) and 403(b) accounts, most 457 plans, and the federal government's Thrift Savings Plan (TSP), according to an early November announcement from the Internal Revenue Service.

Just how much more can super savers add to their plans? The answer depends on your age, because the IRS expanded catch-up contributions for workers who are at least 50 years