After not rising for many years, retirement savers can rejoice as they can save a few extra dollars in 2019. The increase is not an astronomical increase, but an increase, nonetheless. Here’s the breakdown:

IRA’s - contribution limit for an individual is now $6,000 in 2019 (plus a $1K catch-up contribution for those 50 and older); deductible phaseouts are up $1K for singles/head of households and up $2K for married couples

401k/403b/457/Federal TSP - contribution limit for an individual is now $19,000 in 2019 (plus a $6K catch-up contribution for those 50 and older)

SEP IRA’s/Solo 401k’s - contribution limit for an individual is now $56,000 in 2019

For more information about additional defined contribution and defined benefit plan contribution limit changes please click on the title above.