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Some of the retirement contribution limits for 2019 have increased while others have remained the same.  Here is a quick summary of the contribution limits for 2019.

      - 401(k), 403(b), most 457 plans, and Thrift Savings Plan - $19,000 | Catch-up* - $6,000

      - SEP IRA and Solo 401(k) - $56,000

      - SIMPLE IRA - $13,000 | Catch-up* - $3,000

      - Individual Retirement Accounts (IRA) - $6,000 | Catch-up* - $1,000

      - Roth IRA - $6,000 | Catch-up* - $1,000

*Additional catch-up contributions apply to individuals age 50 or older, even if you turn 50 on December 31, 2019

If you earn too much to open a Roth IRA due to the IRS phase out rules, you can open a non-deductible IRA and convert it to a Roth IRA as congress lifted any income restrictions for Roth IRA conversions. To learn more about the “backdoor Roth”, please contact our office.