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.