You can save more tax-free for retirement in 2019! The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2019.
For the past six years the limit for an IRA contribution was $5,500. The amount you can contribute to an Individual Retirement Account is being increased to $6,000 for 2019. The amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $18,500 in 2018 to $19,000 in 2019. Catch-up contribution limits if you’re 50 or older in 2019 remain unchanged at $6,000 for workplace plans and $1,000 for IRAs.
Every little bit helps. Consider making a plan to max out your tax-advantaged retirement savings in 2019. It can be a stretch but the sacrifices today will likely pay off in a secure retirement down the road.