Friday, November 2, 2018

IRS Increases Retirement Contributions

The IRS released new contribution limits for employees who participate in 401(k) plans in 2019.

The new number for those using pretax funds will be $19,000 in 2019, up from $18,500 in 2018. That limit will also apply to 403(b), Thrift Savings and most 457 plans.

The limits for IRAs also increased to $6,000. If you are 50 and over catch-up contribution limits will remain the same for 2019. For 401(k) and other employee plans, you can put in an additional $6,000 in 2019. For IRAs, you can put in an additional $1,000.

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