Each year, we have to watch for changes to retirement plan from the IRS, specifically the retirement plan contribution limits. Stay in the loop about the contribution limits to your retirement account each tax year to be able to take advantage of these changes and maximize your savings!
Retirement Plan Contribution Limits for 2019
Back in November of 2018, the IRS announced several changes affecting contribution limits for IRAs and other retirement plans for 2019. With the new year those changes are now in effect. Some highlights include increased contribution limits for Individual Retirement Accounts to up to $6,000 with catch up contribution limits remaining the same at $1,000 for those 50 and older. SEP IRAs and Solo 401(k)s limits go up from $55,000 to $56,000 which is still based on the percentage of salary. Finally, SIMPLE retirement account contribution limits increase to $13,000 in 2019 with catch-up still at $3,000. More details regarding changes to IRAs and other retirement accounts can be found at the IRS website with technical guidance in IRS Notice 2018-83.
Midland updates the contribution limits as they are released. For a current list of all retirement account contribution limits, see our resource here.
Contributing to your self-directed retirement account, no matter what type of account it is, is the best way to maximize retirement savings.
Contact Midland Trust with all your questions about opening a self-directed retirement account.