For the first time since 2013, the IRS is raising the contributions limits for IRAs. The maximum contribution for 401(k) accounts and IRAs is increasing by $500 for 2019. If you have not already done so, now is the time to plan for contributions into your retirement accounts in 2019. Check out the tables below for the new contribution limits and Social Security increases:
Retirement Contribution Limits
| Retirement Program | 2019 | 2018 | Change | Ages 50+ |
| 401(k), 403(b) | $19,000 | $18,500 | +$500 | add: $6,000 |
| IRA: Roth | $6,000 | $5,500 | +$500 | add: $1,000 |
| IRA: SIMPLE | $13,000 | $12,500 | +$500 | add: $3,000 |
| IRA: Traditional | $6,000 | $5,500 | +$500 | add: $1,000 |
Social Security
| Item | 2019 | 2018 | Change | |
| Wages subject to Social Security | $132,900 | $128,400 | +$4,500 | Annual Social Security employee tax: $8,239.80 |
| Average estimated monthly retirement benefit | $1,461 | $1,422 | +$39 |
Don’t forget to account for any matching programs offered by your employer as you determine your various funding levels for next year.
