How do the new contribution limits affect you? Retirement contribution maximums have increased across the board for 2019. Here are some of the biggest changes to be aware of this year.
IRAs (regular & Roth)
Up to age 50 - $6,000
Age 50+ - $7,000
Individuals can contribute up to the above limits for 2018 until April 15, 2019
401(k) and other qualified plans
Up to age 50 - $19,000
Age 50+ - $25,000
Up to age 50 - $13,000
Age 50+ - $16,000
Defined Contribution Plans
While participant deferrals must have happened in the calendar year of 2018, matching contributions can be made up until the filing deadline (including extensions) for the business entity. Likewise, self-employed persons who have retirement plans may make their contribution up until their individual filing deadline (including extension).
As always, if you have questions or would like further information please contact our office.