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.