The new Retirement Plan Limits for 2019
The IRS is allowing cost of living adjustments for 401k’s, pension plans and other retirement-related items for this tax year, 2019.
The primary update that will affect most people is that the limit for 401(k), 403(b), most 457 plans, and TSP has been increased from $18,500 to $19,000. The catch-up contribution limit for employees aged 50 remains unchanged at $6,000.
Be sure to update your contributions so you can get everything; contribution and deduction because you are entitled to both!
If you need assistance in setting up a plan or to review a your existing plan, contact us for a free no-obligation review today.
Below is a helpful plan limit chart: