IRS issues updated limits for retirement plan savings

Check out the release here.

The skinny:

  1.   401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000
  2.   IRA contributions increased from $5,500 to $6,000, plus $1,000 catch-up contributions for individuals over age 50.