Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings: Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500) Contributions to defined contribution plans: $56,000 (up from $55,000) Contributions to SIMPLEs: $13,000 (up from $12,500) Contributions to IRAs: $6,000 (up from $5,500) One exception is catch-up contributions for taxpayers age 50 or older, which remain at the same levels as for 2018: Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $6,000 Catch-up contributions to SIMPLEs: $3,000 Catch-up contributions to IRAs: $1,000 Keep in mind that additional factors may affect how much you’re allowed to contribute (or how much your employer can contribute on your behalf). For example, income-based limits...
14
Jan 2019
0