To make it possible for voluntary retirement savings to keep up with inflation, the various numerical limits embedded within qualified retirement plans are indexed for inflation. The big news today is that the IRA contribution limit goes from $5,500 to $6,000, if the individual is younger than age 50 in 2019, and $7,000 if he or she attains age 50 or older in 2019, the first increase since 2013. The limits for 401(k) plans also get a $500 bump up, as shown in the following table:
Catch-up contributions are permitted by those employees who are 50 years of age or older during the calendar year.
Personal saving for retirement never has been more important. These tax benefits make saving a bit less painful.
At The Trust Company of Kansas, we help people. We promise to minimize the burden of wealth management and bestow the freedom to enjoy everything else. The officers at The Trust Company of Kansas are always willing to discuss your financial goals with you and help you to create a plan that is well-aligned with your wishes. If you have a specific question about retirement planning, please contact us at (800) 530-5254 or visit tckansas.com/contactus, and one of our Certified Trust and Financial Advisors will be happy to assist you.