Happy New Year!! As we look forward to 2019, we wanted to let you know of the important changes below regarding the amounts you can contribute to your retirement plans:
In 2019, the retirement contribution limits increased to the following amounts:1
- 401ks, 403bs, most 457 Plans & Governmental TSPs: Participating employees can now contribute $19,000.
- For those age 50+, you may contribute an additional $6,000 for a total of $25,000 (catch-up contribution).
- Defined Contribution Plans: Contributions cannot exceed $56,000 now.
- This includes any employee plus employer contributions.
- IRA Contributions (Traditional and Roth IRAs): $6,000
- Catch-up contribution remains at $1,000. Individuals who are 50+ may contribute up to $7,000 to an IRA.
- Deductible IRA Contributions have increased.
- Roth IRA income phaseouts have increased.
- SIMPLE IRAs: The limit has increased to $13,000.
- Catch-up contributions for individuals 50+ remain at $3,000 so these individuals may contribute up to $16,000.
If you would like to set up or update your automatic investments to your IRA please call our office at (317) 882-7675.