401(k) and IRA Contribution Limits – Did You Know?

The IRS has announced cost-of-living adjustments that increase the contribution limits for 2019. The limit for 401(k), 403(b), most 457 plans as well as the Thrift Savings Plan is increased from $18,500 to $19,000.

For IRAs and Roth IRAs, the limit on annual contributions is increased from $5,500 to $6,000. If you are aged 50 or older, the catch-up contribution limit remained at $1,000 meaning you may now be able to contribute up to $7,000.