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Contribution Limits

October 23, 2019

Almost all retirement plan contribution limits increased for 2019. Many of the employer plans have year-end deadlines to make your employee salary deferral for the year.  Therefore, if your goal is to maximize your contributions by year-end, starting now while you still have three months to contribute may help ease the pressure of funding at the last minute. You can also use the limits below when deciding what to do with any year-end bonuses, if eligible.

401k/403b/457 plans:

Contribution limit is   $19,000 plus $6,000 catch-up for those over age 50.

SEP IRA:

Contribution is $56,000 per year subject to limitation based on self-employment income.

SIMPLE IRA:

Contribution limit is $13,000 plus $3,000 catch-up for those over age 50.

Traditional IRA and Roth IRA:

Contribution limit is $6,000 plus $1,000 catch-up for those over age 50.

Health Savings Accounts:

Contribution limit is $3,500 for single plans and $7,000 for family plans.