Retirement Contribution Limits to Rise in 2019
In a positive development for retirement savers, the IRS has announced an increase in the contribution limits for various retirement accounts in 2019. This adjustment is aimed at helping individuals save more for their golden years and take advantage of tax-deferred growth opportunities.
For those participating in employer-sponsored retirement plans such as 401(k) or 403(b) plans, the contribution limit will increase from $18,500 in 2018 to $19,000 in 2019. This means that individuals under the age of 50 can contribute up to $19,000 towards their retirement accounts next year.
For individuals aged 50 and over, the catch-up contribution limit will also see an increase from $6,000 in 2018 to $6,000 in 2019. This allows older workers to contribute a total of $25,000 towards their retirement accounts next year.
For Individual Retirement Accounts (IRAs),
