How much can you contribute to your IRA?
Happy New Year, everyone!
I know many of you have financial goals for the new year and those almost always include additional savings. Here are the contribution limits for common retirement plans like IRAs for year 2020, and the corresponding monthly amount required to hit that number.
It is best to automate your savings as much as possible so that contributions become routine. With many investment platforms you can link your checking account and set up a monthly contribution.
If you would like a complete breakdown of the 2020 numbers that include tax rates, RMD schedule, HSA contribution limits, etc. you can access that here.
If you have any questions feel free to email me.