The IRS announced on Thursday that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan will increase from $18,500 in 2018 to $19,000 for 2019. However, the catch-up contribution limit for those 50 and older remains $6,000 (Notice 2018-83).
In addition, the limits for individual retirement accounts have also been bumped up for the first time since 2013.
In 2019, you will be able to save up to $6,000 in your IRA, up from $5,500 in 2018.
If you are 50 and over and looking to make up for lost time, catch-up contribution limits will remain the same for 2019. For IRAs, you can put in an additional $1,000.
Source: IRS COLA Increases for Dollar Limitations on Benefits and Contributions
