The IRS has just released new limits for retirement plan contributions in 2019.
For employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan the limit has increased to $19,000 (up from $18,500).
The limit on annual contributions to an IRA has been increase to $6,000 (up from $5,500).
The income ranges for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the saver's credit were all increased for 2019.
You can read the full announcement here.
This is good news for those who want to maximize what they can save in retirement accounts! Feel free to contact our office if you have any questions on this topic and how it might effect your personal situation.