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Retirement Plan Contributions are Updating for 2019

Posted by HomeWork Solutions on Jan 31, 2019 10:00:00 AM
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retirement contributions 2019

As a follow up to our previous post about retirement plans, here is some information about 2019 retirement contribution limits. 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.

Topics: CPA

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