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IRA and 401(k) Contribution Limits


Learn the 2020 Contribution Limits for Your Retirement Accounts

Employment with the State of California offers many great benefits. Among those benefits is the guaranteed income state employees earn through a CalPERS pension.

But there is another form of retirement planning the State makes available to its employees. Savings Plus is a voluntary voluntary retirement planning program that offers 401(k) and 457(b)retirement accounts. These accounts are funded through automatic payroll deductions, and are a great way to save additional money for retirement.

The California Job Blog has a more in-depth article about Savings Plus, how these account work and the investment options available to State employees.

The purpose of this article is to highlight the contribution limits for the main types of retirement accounts. The tables below show the limits for 401(k), 457(b) and IRA accounts. 401(k) and 457(b) have identical limits.

IRAs (Individual Retirement Arrangements) are accounts available to set up at anytime. They are set up through a bank and are unrelated to a specific employer. Contributions are made similar to a savings account, not through payroll deductions. We've included contribution limits for these accounts as well.


IRA

Year Limit
2018 $5,500
2019 $6,000
2020 $6,000

IRA (50 or older)

Year Limit
2018 $6,500
2019 $7,000
2020 $7,000

401(k) & 457(b)

Year Limit
2018 $18,500
2019 $19,000
2020 $19,500

40(k) & 457(b)

Year Limit
2018 $24,500*
2019 $25,000*
2020 $26,000**
* Total includes catch-up contribution limit of $6,000
** Total includes catch-up contribution limit of $6,500

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