Retirement Contributions Get a Boost in 2019

61386052 sFor the first time since 2013, the IRS is raising the contributions limits for IRAs. The maximum contribution for 401(k) accounts and IRAs is increasing by $500 for 2019. If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2019. Check out the tables below for the new contribution limits and Social Security increases:

Retirement Contribution Limits

Retirement Program 2019 2018 Change Age 50 or older
catch up
401(k), 403(b), 457 plans $19,000 $18,500 +$500 add: $6,000
IRA: Roth $6,000 $5,500 +$500 add: $1,000
IRA: SIMPLE $13,000 $12,500 +$500 add: $3,000
IRA: Traditional $6,000 $5,500 +$500 add: $1,000

 

Social Security

Item 2019 2018 Change  
Wages subject to Social Security $132,900 $128,400 +$4,500 Annual Social Security
employee tax:
$8,239.80
Average estimated monthly
retirement benefit
$1,461 $1,422 +$39  

 

Don't forget to account for any matching programs offered by your employer as you determine your various funding levels for next year.

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