The IRS has increased the contribution limits for various retirement accounts for 2019.
The Internal Revenue Service said Thursday that the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.
The catch-up contribution limit, which is a higher threshold for employees 50 years or older using these accounts, remains unchanged at $6,000. The changes were among several inflation adjustments announced by the IRS.
The limit on annual contributions to an IRA, which hadn’t increased since 2013, were also raised to $6,000 from $5,500.