IRS boosts contribution limits for retirement accounts
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The Internal Revenue Service has increased the contribution limits for various retirement accounts for 2019.
The IRS said Thursday that the contribution limit for employees who participate in a 401(k), 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan, is being increased to $19,000 from $18,500.
The catch-up contribution limit, which is a higher threshold for employees 50 or older using these accounts, remains unchanged at $6,000. The changes were among several inflation adjustments the IRS announced Thursday.
The limit on annual contributions to an IRA, which hadn’t increased since 2013, was raised to $6,000 from $5,500.
A 401(k) plan is one of the most common employer-sponsored retirement accounts. A 403(b) plan is another type of retirement plan, used for public school and nonprofit employees. A 457 plan is another retirement account, more common for government employees.
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