Many retirement plan dollar limits increase for 2019

IRS has announced the 2019 cost-of-living adjustments (COLAs) with respect to retirement plan limits.

The following plan limits are increased effective Jan. 1, 2019:

Elective deferrals: The maximum deferral amount for 401(k) and 403(b) plans increases from $18,500 to $19,000 for 2019. Catch-up contributions for individuals aged 50 or over remains $6,000.

SIMPLE accounts: The maximum deferral amount for a SIMPLE plan increases from $12,500 to $13,000 for 2019. Catch-up contributions for individuals aged 50 or over remains $3,000.

Government, etc. deferred compensation plans: The limit on deferrals for deferred compensation plans of state and local governments and tax-exempt organizations, increases from $18,500 to $19,000 for 2019. Catch-up contributions for individuals aged 50 or over remains $6,000.

IRA and Roth IRA income limits: The maximum contribution for IRA and Roth IRA accounts increases from $5,500 to $6,000 for 2019. Catch-up contributions for individuals aged 50 or over remains at $1,000.

Contact our office for more information, or see the full IRS notice: Notice 2018-83, 2018-47 IRB; 11/1/2018.

linkedinmaillinkedinmail