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New 401k and IRA Contributuon Limits

 
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The IRS has announced new contribution limits for retirement savings plans, that allow an extra $500 per year to be contributed.    

The contribution limit for 401(k) plans will increase from $18,500 in 2018 to $19,000 in 2019. 

The IRA contribution limit will increase from $5,500 in 2018 to $6,000 in 2019. The additional catch up contribution limit for individuals over age 50 remains at $1,000.