This is the amount you will put into your retirement plan each year until you begin taking withdrawals. The IRS contribution limit is $19,500 for 2020, or $26,000 for investors 50 and older. Limits apply to traditional and Roth contributions combined.
IRS limits are adjusted for inflation in $500 increments. This analyzer allows contributions up to $26,000 a year, so it is possible to overstate your contributions. Your employer’s plan may set lower limits. The analyzer assumes contributions are made monthly.