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Money Minute
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Increased Contribution Limits for 401k and IRAs
Money Minute
In 2019 you can save even more for your retirement.

The IRS recently announced increased contribution limits for 2019 so you’ll be able to invest even more into your 401k or IRA.

Those with a 401k, 403b or thrift savings plan will be able to contribute up to $19,000 per year — that’s a $500 increase from last year. And if you’re 50 years old or older, you’ll be able to contribute a maximum of $25,000.

Likewise, IRA contributions also increased by $500. So for 2019, you’ll be able to invest up to $6,000 into a Roth or Traditional IRA. Those age 50 and over will be able to invest as much as $7,000.

Admittedly, many of us aren’t maxing out our contributions every year, but even small changes can move you closer towards your goal. Some find increasing their contributions by just 1 or 2 percent each year to be effective. Before you know it, you’ll be surprised at how much you’re saving for your retirement.

The point is to take action and to take advantage of opportunities to prepare for your own financial future.

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