As a follow up to our previous post about retirement plans, here is some information about contribution limits for 2019. The amounts are indexed for inflation and most have increased this year.
- Deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans have increased to $19,000 ($500 increase)
- Contributions to defined contribution plans have increased to $56,000 ($1,000 increase)
- Contributions to SIMPLEs have increased to $13,000 ($500 increase)
- Contributions to IRAs have increased to $6,000 ($500 increase)
One notable exception is if you are a taxpayer over the age of 50 your catch-up contributions have not increased.As with all things tax related, there are additional factors that go into what can be saved. It is best to consult a personal tax accountant before making any changes to your current situation.