Key Retirement and Tax Numbers for 2019
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion,
exemption, and threshold amounts. Here are a few of the key adjustments for 2019.
Employer retirement plans
•Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,000 in compensation in 2019 (up from $18,500 in 2018);employees age 50 and
older can defer up to an additional$6,000 in 2019 (the same as in 2018).
•Employees participating in a SIMPLE retirement plan can defer up to $13,000 in 2019 (up from $12,500 in 2018), and employees age 50 and older can defer up to an
additional $3,000 in 2019 (the same as in 2018).