MMQH: Retirement Plan Contribution Limits
Monday Morning Quick Hits
This is the first installment of an email we will be sending out called our “Monday Morning Quick Hits”, in which we will share a paragraph or two on a wide array topics regarding investments, the economy, and current events. We hope you enjoy it.
This week’s topic is about retirement plan contribution limits. If you are working and fund a 401k, 403B, SEP IRA, Simple IRA, Traditional or Roth IRA, the maximum contribution limits have gone up slightly. If you are under 50, the maximum contribution to a 401k/403B plan is now $19,000, up from $18,500, and if you are over 50, it is now $25,000, up from $24,500. If you plan on maximizing your contribution, make sure to update the amount you are withholding. This can usually be done by contacting your benefits/payroll department or the financial institution that holds your assets. For traditional and Roth IRAs, the maximum contribution if you are under 50 has gone up to $6,000, and if you are over 50 it is now $7,000.
Attached is a Retirement Plan Reference Guide with information on all the different types of retirement plans. If you have any questions on this or if there is anything we can do for you, please give us a call. Have a great day.