2019 IRS Contribution Limits for 401k, 403(b) and IRA Retirement Accounts

The IRS recently announced the new cost of living adjustments to the annual limits on retirement contributions for 2019.  These are the limits that outline the amount of money you can contribute to certain tax benefited retirement plans.  This can and should affect how you formulate your Tennessee estate and retirement planning.  A really good strategy for long term estate planning is to make sure a significant portion of your assets are in these tax advantaged accounts.   The new 2019 annual limits for contributions to a 401(k), 403(b), most 457 plans and the federal government Thrift Savings Plan increases for 2019 to $19,000.00.  This is the first change we have had in a few years and it is certainly good news for retirement savers.  The annual catchup contribution allowance for these plans, available to those over 50, stands at $6,000.00 for 2019.   As a result, someone over the age of 50 can contribute $25,000.00 annually to their…

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