New Contribution Limits for 2019The IRS released the retirement account contribution limits for 2019 a couple of weeks ago. They increase the maximum contributions to keep up with inflation. Starting in 2019, you can now save:
- $19,000 (up $500) in your traditional or Roth 401k ($25,000 if you are age 50 or older)
- $6,000 (up $500) in an IRA ($7,000 if you are age 50 or older) – this may not be tax deductible if your company has a 401k
- $3,500 (up $50) in your HSA ($7,000 if you are married) – you need to be in a high deductible health plan
If you max out all of those, you’re a super saver! If not, don’t get discouraged. Keep working at it.