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You can contribute more to your IRA in 2019

Catholic United Financial > Company > You can contribute more to your IRA in 2019

New contribution limits start January 1st….

For the first time since 2013, the IRS has increased IRA annual contribution limits so our members can save even more for retirement in their IRAs.

According to IRS.gov, the new annual limits to contributions to an IRA are $6,000 (an increase of $500). Individuals age 50 and over can make catch-up contributions for a annual contribution limit of $7,000.

Those saving for retirement need to remember that these increases don’t take effect until January 1, 2019.

According to the IRS, the changes reflect cost of living increases expected in the new year.

Specific details about the increases can be found on the IRS website.

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