IRS plans to bump up 401k contribution limit for 2019

Participants in 401k and other defined contribution retirement accounts will see a raise in their annual contribution cap from $18,500 to $19,000 in 2019, while catch-up contribution limit on defined contribution plans remains unchanged at $6,000 according to the Internal Revenue Service.

There will be increase for Savers with IRAs will see the annual contribution cap from $5,500 to $6,000 — the first time the cap on IRA deferrals has been raised since 2013. The annual catch-up contribution for savers age 50 and over will remain at $1,000.

The annual defined contribution limit increased to $56,000 as well as the Defined Benefit Plan Annual Limit increased to $225,000

Below is a chart explaining the Retirement Plan Limits

Useful Resources

Check this firm's background with BrockerCheck by FINRA