Notable 2019 Contribution Limits
As we move into 2019, it’s helpful to know contribution limits and Social Security changes.
Individual Retirement Accounts:
The annual contribution limits for traditional and Roth IRA’s have increased to $6,000, a boost of $500 over 2018 contribution limits. The catch-up contribution limit for those age 50 and older remains at $1,000.
The annual contribution limits for 401(k)’s, 403(b)’s, most 457 plans, and the federal government’s Thrift Savings Plan have increased to $19,000, a boost of $500 over 2018 contribution limits. The catch-up contribution limit for employees age 50 or older in these plans stays at $6,000 for 2019.
The limit for SIMPLE IRA’s goes up from $12,500 in 2018 to $13,000 in 2019. The catch-up limit remains the same at $3,000 for those age 50 and older.
Health Savings Accounts:
The “self-only” annual contribution limit will increase from $3,450 to $3,500 and the “family” annual contribution limit will increase from $6,900 to $7,000 in 2019.
Social Security Updates:
- Beneficiaries will see a 2.8% increase in payments
- Maximum taxable earnings will increase to $132,900
- Maximum benefit at full retirement age increases to $2,861 per month
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