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New Retirement Plan Limits

November 4th, 2018 at 09:42 am

The IRS announced new retirement plan limits on November 1st. The 401k limit increases to $19,000 and the IRA limit increases to $6,000. For those under 50, you can contribute $1000 more to your retirement accounts next year. Both plans were projected to increase & it's nice to know that it's official. For those of you that contribute biweekly you'll be contributing $731 per period for your 401k(if you choose even distributions) and $500 a month to your IRA.

Im looking forward to meeting my max once again next year. Although the market has had a rough year, I am still committed to contributing up to the IRS limits.

3 Responses to “New Retirement Plan Limits”

  1. creditcardfree Says:

    Wasn't the limit for under 50, $5,500 prior to this? So you can contribute $500 more per person, not $1000. If you are OVER 50, you can contribute $1000 more, or $7000. You wrote under 50 can contribute an extra $1000, so I'm just clarifying for others.

  2. MonkeyMama Says:

    @ccfree - she meant that you can contribute $1,000 more total with 401k and IRA contributions. The 401k went from $18,500 to $19,000, in addition to the IRA contribution increase.

  3. Creditcardfree Says:

    Thanks, MM. I follow now.

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