It’s Time for Increased 401(k), IRA Contribution Limits | SJS Investment Services
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It’s Time for Increased 401(k), IRA Contribution Limits

January 3, 2019
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As we ring in the new year, the IRS has announced new retirement account contribution guidelines for 2019. Contributing more to your retirement accounts can lead to a lower tax bill now – not to mention having more savings available during retirement.

For the first time since 2013, the IRA and Roth IRA contribution limits have been raised – to $6,000, up from $5,500. (Catch-up contributions for workers ages 50 and older remain the same, at $1,000.) Those who contribute to many common types of retirement plans, including 401(k) and 403(b) plans, are able to increase their annual contribution to $19,000 in 2019, which is up from $18,500.

For more information on eligibility, you can view the IRS highlights at IRS.gov, and check in with your tax professional for advice specific to your needs.

Source: www.irs.gov
SJS Investment Services does not provide tax advice; please consult your tax professional for specific advice. This material has been prepared for informational purposes only.