Changes in contribution limits to retirement plans in 2019

The IRS came out with a directive on Nov 1, 2018 announcing changes to contribution limits in 2019.

Here’s in a nutshell what is changing.

• For employer sponsored plans such as 401(k), 403(b) – $19,000 (up from the current $18.5k)
• IRA – $6,000 (up from the current $5.5k)
• Roth IRA – $6,000 (up from the current $5.5k), with income phase-out range increasing from $193,000 to $203,000 (up from $189,000 to $199,000) for married couples filing jointly

You can read the original directive here or the technical guidance here.

Cheers to more saving!