Your Quick Guide to 2019 Retirement Limits
Exciting news retirement enthusiasts and future-you champions! The IRS is raising contribution limits for 2019. Get ready for lots of changes that will help savers prepare for the future.
A round-up of the biggest changes for your 2019 plan year:
- 401(k): The amount you can contribute to your 401(k) plan per year goes up from $18,500 in 2018 to $19,000 in 2019.
- If you’re self-employed or own your own business, you can save even more. The overall defined contribution plan limit moves up to $56,000, from $55,000.
- IRA: After six years stuck at $5,500, the amount you can contribute to an Individual Retirement Account is being bumped up to $6,000 for 2019.
Want to learn more? We outline the highlights of the changes below.
If you need more detailed guidance, see IRS Notice 2018-83.