Monday, November 19, 2018

A Little More Room for Retirement Savings

There's some good news for retirement savers: The Internal Revenue Service has announced increased limits for many retirement plans. Although most of them are simply cost-of-living adjustments, they will allow us to put away a little more money for retirement next year.

Some of the new limits:

  • Those contributing to 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will be able to boost their contribution from $18,500 to $19,000.
  • IRA contributions, which haven't been raised since 2013, will now be $6,000, up from $5,500. 
  • Catch-up contributions for workers age 50 and over remain the same at $1,000.

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