Retirement Plan Contribution Limits for 2019

The IRS has announced increases in the amount you can save for retirement in 2019. The IRA contribution limit goes from $5,500 to $6,000, and the elective deferral limit (for 401k and similar plans) goes from $18,500 to $19,000. There is no change in the additional amount individuals age 50 or older can contribute as makeup contributions.

Be careful: You can make an IRA contribution for 2018 until April 15, 2019, but the lower $5,500 limit applies to contributions for 2018 even if made in 2019.