11/06/2018
IRS Announces 2019 Retirement Contribution Increases
IRA Contributions will increase from $5,500 to $6,000. The additional catch up for 50 and older will remain at $1,000.
401(k)s, 403(b)s, most 457 plans and the federal government's Thrift Savings Plan will increase from $18,500 to $19,000. The catch up for 50 and older will remain at $6,000.
Make those changes early in 2019 to take advantage of these increases and not have to use up more net pay to catch up later in the year.
The IRA and ROTH IRA contribution rules can be tricky.
For more information or to set up a free consultation, visit us at:
https://www.novataxgroup.com/
Good news retirement savers: The Internal Revenue Service announced cost of living increases to the contribution limits for retirement-related plans in 2019.