Each year the Internal Revenue Service (IRS) releases any new adjustments to retirement plan policies for the upcoming year. In November the changes for the 2019 calendar year were released. Highlights include:
- A Cost of Living increase for the contribution limits on employer retirement plans, 401(k)s, 403(b)s, 457 plans and TSPs, from $18,500 to $19,000
- A Cost of Living increase for IRA contributions from $5,500 to $6,000
- The annual catch-up amount for people over the age of 50 remained at $6,000 for employer plans and $1,000 for IRAs.
Check out all of the adjustment announced for 2019 here.
If you have any questions about the changes, please reach out to John McAuliffe, john@raffawealth.com