The IRS just released the retirement plan limits for 2020, allowing people to save a little more for their future. Most workplace retirement plans got a $500-$1,000 limit, while IRA limits got a boost in 2019 and remain unchanged for 2020.

Keep in mind the deadline to contribute to workplace accounts like 401(k)s and 403(b)’s is December 31st of the tax year. However, personal retirement accounts like IRA’s and Roth IRA’s have until the personal tax filing deadline (April 15th for most of us).

December can be an expensive month with holidays and charitable giving: If you don’t plan on doing retirement saving of more than $6-7000 for any given tax year, it might be more advantageous to skip the 401(k) December deadline and wait until April before contributing to your IRA.