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2019 Retirement Plan Limits

The IRS has announced the 2019 contribution limits for retirement plans.

Elective deferrals to section 401(k), section 403(b), certain section 457 and Thrift Savings plans has increased from $18,500 to $19,000. For these plans, the catch-up contribution for those 50 or older remains $6,000.

The maximum IRA contribution increases from $5,500 to $6,000. The IRA catch-up contribution for those 50 or older remains $1,000.

Defined contribution plan annual addition (or limited to compensation, if less) increases from $55,000 to $56,000.  Note: This limit includes the 401(k) deferral amount.

Also as a reminder, it’s not too late to maximize your retirement contributions for 2018.

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Richard Pon CPA, CFP