The IRS has announced that the amounts employees can contribute to 401(k)s and IRAs will increase in 2019. In particular:
- The employee contribution limit for 401(k) plans will be $19,000, up from $18,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,000.
- The employee contribution limit for IRAs will be $6,000, up from $5,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $1,000.
- The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will be $13,000, up from $12,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $3,000.
