New Contribution Limits for 2019
The IRS released the retirement account contribution limits for 2019 a couple of weeks ago. They increase the maximum contributions to keep up with inflation. Starting in 2019, you can now save:
- $19,000 (up $500) in your traditional or Roth 401k ($25,000 if you are age 50 or older)
- $6,000 (up $500) in an IRA ($7,000 if you are age 50 or older) – this may not be tax deductible if your company has a 401k
- $3,500 (up $50) in your HSA ($7,000 if you are married) – you need to be in a high deductible health plan
If you max out all of those, you’re a super saver! If not, don’t get discouraged. Keep working at it.
Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.