2019 Contribution Limits for Retirement Plans
We’re halfway through the year. Are you on track to maximize your retirement savings? Here are the 2019 contribution limits for retirement plans. Last year, the IRS increased the 2019 contribution limits for retirement accounts. For employees participating in 401(k) plans, the IRS will allow contributions of $19,000, a $500 increase from last year. The increase also applies to most other retirement plans, such as 403(b), 457, and Thrift Savings Plan participants. In addition, if you are over the age of 50, you may contribute a catch-up contribution on top of that amount of $6,000.