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.