IRS Announces Increases to Retirement Plan Savings for 2019
On Thursday, the Internal Revenue Service announced a cost of living adjustment affecting the contribution limits to qualified plans of retirement savers.
What’s New in 2019?
Why is this important?
Because a dollar today won't be worth a dollar tomorrow. This is the impact of inflation, which is why the IRS has changed the limits for what they call a "cost of living adjustment".
So if you were maxing out your IRA this year, you'll be able to do even more next year. Also, if you were right on the edge of qualifying for a Roth IRA but didn't this year, you might next year!
How about all of you who are able to take advantage of an HSA?? Things just got better.
Want to see how these adjustments might affect your situation?