You may be able to save more for retirement in 2019

<h2 style="text-align: left; color: #14a73c; font-size: 26px;">You may be able to save more for retirement in 2019</h2>

Retirement plan contribution thresholds are indexed for inflation, and many have gone up for 2019 which give you opportunities to grow your retirement savings:
• Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500)
• Contributions to defined contribution plans: $56,000 (up from $55,000)
• Contributions to SIMPLEs: $13,000 (up from $12,500)
• Contributions to IRAs: $6,000 (up from $5,500)

One exception is catch-up contributions for taxpayers that are 50 or older, which remain at the same levels as for 2018:
• Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $6,000
• Catch-up contributions to SIMPLEs: $3,000
• Catch-up contributions to IRAs: $1,000

Consider that additional factors might affect how much you can contribute (or how much your employer can contribute on your behalf). For example, income-based limits might decrease or eliminate your ability to make Roth IRA contributions or to make deductible traditional IRA contributions.
Contact us for more on how to make the most of your tax-advantaged retirement-saving opportunities in 2019.

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Ben R Shull CPA LLC provides clients with tax, transaction, and advisory services. The insights and quality services we deliver help lead our clients through the next generation of changes, and accelerate growth while reducing risk. CPA Katy, TX.