What Are the Maximum Limits for Investing in Your Retirement Savings Accounts in 2020?

Are you hoping to increase your retirement account contributions in 2020? That's a great financial goal, since many Americans are saving far too little.

Saving for retirement in a tax-advantaged account such as a 401(k) or an IRA is the best way for most people to prepare for their golden years. Investing costs less when the money you set aside for it lowers your taxable income and decreases your eventual bill from the IRS. There are annual limits to the tax-advantaged contributions you can make, but these limits went up in 2020.

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Source Fool.com