The IRS announced that the contribution limits for 401-K plans increased to at $19,000. For IRA accounts, the contribution limits increased to $6,000. For each of these, there are a “catch-up” provision that raises the contribution amounts by $6,000 for 401-K accounts and by $1,000 for IRA accounts. The “catch-up” provision is for taxpayers 50 years of age or older.
Read the full IRS article, including limits for other retirement plan options here.
For questions on how this affects you, please contact us at Perpetual Resources, Inc.