IRS and SSA Announce Cost of Living Adjustments for 2019

The Internal Revenue Service and Social Security Administration announced cost of living adjustments  affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.

The important limits are provided below:                                                 

401(k), 403(b) & 457(b) deferrals                $19,000

Catch-up 401(k), 403(b) & 457(b)               $6,000

415(c) Limit                                                      $56,000

Annual Compensation Limit                         $280,000

HCE Compensation Limit                              $125,000

Maximum Pension at age 62                          $225,000

SIMPLE Deferrals                                            $13,000

SIMPLE Catch-up                                             $3,000

SEP Minimum Compensation                        $600

Key Employee Limit, Officer Test                  $180,000

IRAs for individuals age 49 & below              $6,000

IRAs for individuals age 50 & above               $7,000

Soc. Sec.Taxable Wage Base                              $132,900


Click here to view the news release from the IRS.

Click here to view IRS Notice 2018-83.

Click here to view the Social Security Fact Sheet.