In 2019, you will be able to save more in your retirement accounts! The Treasury Department has announced inflation-adjusted figures for retirement accounts for 2019. A lot of these changes will help investors stockpile away more for the eventual retirement. Remember that 2018 IRA contributions can be made until April 15, 2019.
Looking at the past six years, the IRA contribution limit was $5,500. Now that amount has been increased to $6,000. The amount you can contribute to your 401(k) goes up from $18,500 in 2018 to $19,000 in 2019. Catch-up contribution amounts however remained the same for both IRAs and 401(k). We must wait another year to see that potential increase.