Determine the New Contribution Amount Using the Comparison Charts
To help you determine a new amount we have provided Contribution Comparison Charts. The comparison chart links below illustrate the power of consistent savings, compound interest, and net-effect of pretax deductions on your paycheck. Choose the number of pay periods that correspond with your employer.
Tell Us the New Amount You Would Like to Contribute
To request a change to your periodic contributions, please email our office at invest@timothyhayesfinancial.com. Please provide your name, email, phone number, and new "total" amount you would like deducted from your paycheck. You can also reach us by phone (800) 248-4457.
Maximum Annual Contribution Limits - Tax Year 2020
If available, you may contribution to multiple plans simultaneously. For example, if your employer offers both a 403(b) plan and a 457 plan, you may contribute to both totaling $38,000, ($50,000 if age 50+) annually. Limits are increased for individuals age 50 and over.
403(b) Plan TSA: $19,500 or $26,000 if age 50+
457 Deferred Compensation Plan: $19,500 or $26,000 if age 50+
IRA & Roth IRA: $6,000 or $7,000 if age 50+