Next year, you can start saving more for retirement! The IRS announced an increase in retirement plan contributions for 2019. The Traditional and Roth IRA contribution limit is increased from $5,500 to $6,000 next year. The additional catch-up contribution limit for those age 50+ remains unchanged at $1,000. The amount you can contribute to your workplace retirement plan, i.e. 401(k), 403(b), most 457 plans, and Thrift Savings Plan (TSP), is bumped up from $18,500 to $19,000. Catch-up contribution limits for participation in these plans also remains unchanged at $6,000. Click to view the plan types, limits, and annual comparison:

In addition to increased retirement plan contribution limits, 2019 also brings increases to Health Savings Account (HSA) and Flexible Spending Account (FSA) contribution limits. The HSA contribution limit for self-only coverage jumps from $3,450 in 2018 to $3,500 in 2019, a $50 increase. Those with family coverage can contribute up to $7,000 in 2019, which has increased by $100 from $6,900 in 2018.

FSA contribution limits have increased $50 as well, from $2,650 in 2018 to $2,700 in 2019.

Mason & Associates will be closed the week of Christmas, and two days for New Year’s:



Monday, December 24 – Tuesday, January 1