Are you contributing the maximum allowed into your retirement plan? Awesome! Here are the new limits for 2019 that you can stash away.
$6,000 - IRA, including traditional, roth and nondeductible (was $5,500)
$19,000 - 401k (was $18,500)
$13,000 - Simple (was $12,500)
$56,000 - Defined Contribution Pension Plan (was $55,000)
For those of you over the age of 50 and partaking in catch-up contributions, there's no change. Never heard of this? Reach out to Bill or your financial planner to discuss.
If you have a recurring default setup to fund your retirement contribution be sure to update them with these new increases.
