Archive for December 21st, 2018

Dec 21

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The Treasury Department has announced inflation-adjusted figures for annual retirement plan contributions for 2019. With the new higher contribution limits, some savers will be able to contribute more to their retirement savings.

Individual Retirement Account investors have been stuck at the $5,500 limit for six years. In 2019 that will increase to a $6,000 contribution limit for Traditional and Roth IRAs. If you are over the age of 50, a $1,000 catch-up contribution can be made in addition to the regular contribution limit. The IRS also increased the amount investors
can contribute to 401(k), 403(b), and most government plans from $18,500 to $19,000.
If you are over the age of 50, the catch-up contribution for these type of plans remains
at $6,000 for 2019.

Health Savings Account contribution limits have increased to $3,500 for a single plan
and $7,000 for a family plan. If you are age 55 or older, a $1,000 catch-up contribution can be made in addition to the regular contribution limit.