IRS has set the new retirement plan guidelines for 2019

It’s that time of year again. Janet Killingsworth here. As we all begin planning for the Thanksgiving celebrations and Christmas and Hanukah in a few weeks, we also must think about planning for our retirement plan limitations for 2019. Below are just released numbers from the IRS. As always, should you have any questions regarding your personal situation, please do not hesitate to call us.

The Internal Revenue Service (IRS) has announced cost-of-living adjustments for 2019, which affect dollar limitations for retirement plans and other retirement-related values. Almost all limits increased from 2018 to 2019.The 2019 limits are as follows:
401(k) Deferral Limit – Increase from $18,500 to $19,000
Catch-up Deferral Limit – Remains at $6,000
Defined Contribution Plan Maximum Annual Additions – Increase from $55,000 to $56,000 (or $62,000 with catch-up)
Defined Benefit Plan Maximum Annual Benefit – Increase from $220,000 to $225,000
Annual Compensation Limit – Increase from $275,000 to $280,000
HCE Compensation Limit – Increase from $120,000 to $125,000
Key Employee Limit – Increase from $175,000 to $180,000
Social Security Wage Base – Increase from $128,400 to $132,900

Have a great week

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11115 Houze Rd., Suite 100
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(770) 552-8286
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