The IRS recently announced retirement account contribution limits for 2020. The quick take away: 401(k) contribution limits are going up, IRA contribution limits stay the same, and just about all other retirement account contribution limits are also going up. Per usual, the increases are minimal. The 401(k) contribution limit is up $500 to $19,500, while the catch-up contributions will increase to $6,500 from $6,000 last year. IRA contributions remain topped out at $6,000 with a $1,000 catch-up contribution for those over 50. Contribution limits have been increasing just about every year in recent memory, so these should really come as no surprise. However, they should be used as a bit of motivation to start saving if you haven’t been doing so. It’s also a good time to think about upping your contributions next year–if you can–and trying to reach that max. While you probably won’t be able to max out your retirement account contribution limits every year during your career, if you are able to max out for a decade or even a few years, that can go a long way towards building up your nest egg. If you need help with getting your finances in order in regards to retirement account contributions and building up a nest egg, you should speak with a certified financial planner or wealth manager.