Know Your Contribution Limits for 2020

Looking to max out your contribution to your retirement plan in 2020? The following table highlights contribution maximums established by the Internal Revenue Service for various retirement plans. All dollar amounts that have increased from 2019 are effective January 1, 2020.

Learn more about 2020 Contribution Limits. If you have questions, please call your local Mutual of America Regional Office.

1

If annual compensation is less than the applicable limits shown, then the maximum contribution is limited to 100 % of compensation.

2

If you contribute to a TDA, 403(b) Thrift and/or 401(k), the total amount contributed to all plans may not exceed $19,500 ($26,000 to all plans, if age 50 or older).

3

Tax-Deferred Annuity, 403(b), 401(k) and governmental Section 457(b) Plans. Section 457(b) Eligible Deferred Compensation Plan participants can make a special catch-up contribution if they are within three years of their normal retirement age.


You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 1-800-468-3785 or visiting mutualofamerica.com. Read them carefully before investing.

Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment options you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract's other features before making a decision.

 




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