New 2019 Pension and Social Security Limits

The IRS recently announced 2019 limits for certain pension and retirement plan contribution limits, and changes to Social Security limits.

2019 Social Security:
Cost of Living Increase                                        2.8%
FICA Wage Limit:                                           $132,900
Earnings Limit if drawing before age 66         $  17,640

2019 IRA
Traditional & Roth IRA Limit                           $   6,000
Over age 49 catch up                                     $   1,000

2019 SEP
Maximum Contribution                                   $  56,000
Over age 49 catch up                                     $           0

2019 SIMPLE
Maximum deferral                                          $ 13,000
Over age 49 catch up                                     $   3,000

2019 401-K/403-B/457
Maximum deferral                                          $  19,000
Over age 49 catch up                                     $    6,000
Maximum contribution all sources                  $  56,000 (plus catch up)

2019 Defined Benefit Plan Limit                  $225,000

Steve Trojan, CPA is the owner of Flatiron Advisors Tax and Accounting and manages the Boulder, CO office. He can be reached at 720-598-1020.

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