The IRS has increased the contribution limits for various retirement accounts for 2019.
The Internal Revenue Service said Thursday that the contribution limit for employees who participate in a 401(k), 403(b) and most 457 plans, as well as the federal government's Thrift Savings Plan, is increased from $18,500 to $19,000.
The catch-up contribution limit, which is a higher threshold for employees 50 years or older using these accounts, remains unchanged at $6,000. The changes were among several inflation adjustments announced by the IRS Thursday.
The limit on annual contributions to an IRA, which haven't increased since 2013, were increased to $6,000 from $5,500.