New Contribution Limits for Retirement Accounts in 2019

The IRS retirement plan limits are out for 2019. Remember to update your retirement contribution amounts considering the increased limits.

You can contribute $500 more to 401(k) and individual retirement accounts in 2019. The 401(k), 403(b), and most 457 plans will increase from $18,500 to $19,000 in the new year.

For the first time since 2013, the 2019 IRA contribution limit will also increase to $6000 or if you are 50 years of age or older, a $7,000 contribution limit.

Also, the Health Savings Account (HSA) contribution limit will increase to $3,500 for individuals (an increase of $50) and $7,000 for families (an increase of $100). In addition, there is a catch-up contribution for those that are 55 years of age or older, of $1000.

If you have questions about updating your retirement accounts, please contact us.