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Retirement Contributions Increase for 2019

News came out yesterday that individuals will be able to contribute more to their retirement accounts in 2019.  The limit for 401(k), 403(b), and 457 plans increased by $500 to $19,000.  The catch-up provision for individuals age 50 or over remains the same at $6,000.  This means that individuals age 50 or older can contribute a total of $25,000 into their retirement plans.  The IRS is also lifting the amount for Individual Retirement Accounts (IRA’s) by $500 to $6,000 per year.  Individuals age 50 or older can contribute an additional $1,000 as a “catch-up” for a total of $7,000. 11.2.18