Retirement Contributions in 2019
The Treasury Department has decided to help retirement savers in 2019, with many of the contribution limits receiving inflation adjustments. IRS Notice 2018-83 gives the exact figures, but we have pulled out the more common retirement options.
• The IRA contribution limit will be $6,000, up from $5,500. If you are 50 or over, you will be able to contribute an extra $1,000.
• 401(k)s or other work place equivalents limits will be moved from $18,500 to $19,000, with the catch up for age 50 and over staying at an additional $6,000.
• Simple IRAs contribution limit is being raised to $13,000. The catch up for those 50 and up will remain at $3,000.
This is a boon for those looking at how to prepare for their retirement regardless of age. Many news outlets are reporting troubling statistics on American retirement savings, and now is good time to evaluate what you can do to help shore up your personal retirement plans.