Retirement Contributions get a Boost in 2019

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For the first time since 2013, the IRS is raising the contributions limits for IRAs. The maximum contribution for 401(k) accounts and IRAs is increasing by $500 for 2019. If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2019. Check out the tables below for the new contribution limits and Social Security increases:

Retirement Contribution Limits

Retirement Program 2019 2018 Change Age 50 or older catch up
401(k), 403(b), 457 plans $19,000 $18,500 +$500 add: $6,000
IRA: Roth $6,000 $5,500 +$500 add: $1,000
IRA: SIMPLE $13,000 $12,500 +$500 add: $3,000
IRA: Traditional $6,000 $5,500 +$500 add: $1,000

Social Security

Item 2019 2018 Change
Wages subject to social security $132,900 $128,400 $4,500 Annual Social Security employee tax: $8,239.80
Average estimated monthly retirement benefit $1,461 $1,422 +$39

Don't forget to account for any matching programs offered by your employer as you determine your various funding levels for next year.


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The information in this article is written as accurately as possible and to best of the writer's knowledge. However, there may be omissions, errors, or mistakes. Because of this and changes in circumstances, the information in this article is subject to change. This article is for informational purposes only and should not serve as professional, financial, medical, emotional, and/or legal advice. Readers may rely on the information on this article at their own risk, but they should consult a CPA, financial expert, or other professional for advice. Givilancz & Martinez, PLLC reserves the right to change and handle this article series, and therefore, may remove or alter any part of this article or the comments section. Any comments inserted by readers are not the responsibility of G&M PLLC and do not represent the thoughts or ideas of G&M PLLC.