Retirement Plan Contributions are Updating for 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.