Annual contribution limits for retirement savings accounts for 2018 and 2019, as established by the IRS, are listed below. Please keep in mind that contributions to Traditional IRAs, Roth IRAs, and SEP IRAs can be made up until the time your tax return is due, including extensions.
|
2018 |
2019 |
|
| Maximum Annual Traditional IRA contribution (under age 50) |
$5,500 |
$6,000 |
| Maximum Annual Traditional IRA contribution (age 50 or over) |
$6,500 |
$7,000 |
| Maximum Annual Roth IRA contribution (under age 50) |
$5,500 |
$6,000 |
|
Maximum Annual Roth IRA contribution (age 50 or over) |
$6,500 |
$7,000 |
| Maximum Annual 401k, 403b or 457 salary deferral limit (under age 50) |
$18,500 |
$19,000 |
| Maximum Annual 401k, 403b or 457 salary deferral limit (age 50 or over) |
$24,500 |
$25,000 |
|
Maximum SIMPLE salary deferral limit (under age 50) |
$12,500 |
$13,000 |
| Maximum SIMPLE salary deferral limit (age 50 or over) |
$15,500 |
$16,000 |
| Maximum employer SEP IRA contribution to an employee’s SEP* |
$55,000 |
$56,000 |
| *the lesser of 25% of employee’s compensation and the listed amounts | ||
| Maximum Contribution to Health Savings Account | ||
| Individual |
$3,450 |
$3,500 |
| Family |
$6,900 |
$7,000 |
| HSA catch-up contribution (age 50 or older) |
$1,000 |
$1,000 |
Secure your financial future with a retirement savings plan that makes sense for you and your family. Contact us today to schedule a consultation.