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2019 Limit Contributions

2019 Limit Contributions

November 28, 2018
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On November 1st, the IRS announced that there will be cost-of-living adjustments to the limits on employee contributions into retirement plans for 2019. The annual limit for employee contributions into 401(k)s, 403(b)s, most 475 plans, and the Federal Government's Thrift Savings Plan (TSP) will increase from the 2018 limit of $18,500 to $19,000 in 2019. For participants who are age 50 and older, the catch-up contribution remains at $6,000, for a total contribution limit of $25,000. Contribution limits into Traditional and Roth IRAs will also increase in 2019 to $6,000, up from $5,500 in 2018.  The catch-up contribution will stay the same for those age 50 and above, at $1,000.
 
The income ranges at which individuals are eligible to make deductible IRA contributions, or contribute to Roth IRAs, was also increased by the IRS for 2019. These amounts represent the maximum employee contributions, and in the case of an employer sponsored retirement plan that often have an Employer match or profit-sharing contribution as well, in addition to what you contribute as an employee. 
 
If you have questions about planning for your retirement, how to best take advantage of different types of retirement savings accounts or want to know if you are on track to meet your retirement goal, please feel free to contact our office and schedule a time to discuss your retirement plans.  We are always happy to help you "Move Life Forward."