Retirement Plan Contribution Limits

The Internal Revenue Service (IRS) has announced the following retirement plan contribution limits for the 2019 tax year. 2018 contribution limits are listed at the bottom of the page for added convenience.

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2019 Tax Year:

IRA Contributions

Traditional: $6,000

Roth: $6,000

Catch-up contribution (age 50 & older): $1,000 (unchanged from 2018)

Maximum contribution (age 50 & older): $7,000

 

IRA Contributions After Age 70 1/2

No regular contributions to a traditional IRA in the year you reach 70 1/2 and older.
Contributions to a Roth IRA, SEP IRA and rollover contributions to a Roth or traditional IRA are permitted regardless of age.

 

Contributions to 401(k), 403(b) & most 457 plans, as well as the Federal Government’s Thrift Savings Plan (TSP)

Standard limit: $19,000 (increased from $18,500 in 2018)

Catch-up contributions (age 50 & older): $6,000 (unchanged from 2018)

Maximum contribution (age 50 & older): $25,000 (increased from $24,500 in 2018)

 

Roth IRA Eligibility Phase Out
Modified Adjusted Gross Income (MAGI) range:

Single filer/head of household: $122,000 - $137,000 (up from $120,000–$135,000 in 2018)

Married couples, filing jointly: $193,000 - $203,000 (up from $189,000–$199,000 in 2018)

Married couples, filing separately: $0-$10,000 (unchanged from 2018)

 

Social Security Cost of Living Adjustment (COLA)

Effective January 1, 2019, Social Security benefits are set to increase to 2.8% for eligible beneficiaries.


Federal Pension COLA

Civil Service Retirement System (CSRS) - 2.8%
Federal Employees Retirement System (FERS) - 2%

 

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2018 Tax Year:

IRA Contributions

Traditional: $5,500

Roth: $5,500

Catch-up contribution (age 50 & older): $1,000

Maximum contribution (age 50 & older): $6,500

 

IRA Contributions After Age 70 1/2

No regular contributions to a traditional IRA in the year you reach 70 1/2 and older.
Contributions to a Roth IRA, SEP IRA and rollover contributions to a Roth or traditional IRA are permitted regardless of age.

 

Contributions to 401(k), 403(b) & most 457 plans, as well as the Federal Government’s Thrift Savings Plan (TSP)

Standard limit: $18,500 (increased from 18,000 in 2017)

Catch-up contributions (age 50 & older): $6,000

Maximum contribution (age 50 & older): $24,500 (increased from 24,000 in 2017)

 

Roth IRA Eligibility Phase Out
Modified Adjusted Gross Income (MAGI) range:

Single filers: $120,000–$135,000

Married couples, filing jointly: $189,000–$199,000

Married couples, filing separately: $0-$10,000

 

Social Security Benefits

Effective January 1, 2018, Social Security benefits increased by 2% for eligible beneficiaries.
 

 
Sources:

IRS.gov - https://www.irs.gov/retirement-plans/plan-participant-employee/saving-for-retirement
SSA.gov -  https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf
MyFederalRetirement.com - https://www.myfederalretirement.com/fers-csrs-cola-watch/

This information is not intended to be a substitute for individual tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.