RETIREMENT | 2019 Retirement Plan Contribution Limits
Individual Retirement Accounts (IRAs)—the annual contribution limit for both traditional and Roth IRAs is $6,000 with a $1,000 catch-up contribution for those over 50 years old.
The SIMPLE—the annual contribution limit on SIMPLE retirement accounts is $13,000. The SIMPLE catch-up limit is $3,000.
401(k) and Roth 401(k)—the annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, is $19,000, with the catch-up contribution limit for employees age 50 or older is $6,000.
SEP IRAs and Solo 401(k)—the annual contribution limit for self-employed and small business owners who use either a SEP IRA or a solo 401(k) is $56,000.
Defined Benefit Plans—the annual contribution limit for a defined benefit plan is $220,000.
* Details about the different characteristics and requirements for each plan can be found here. However, the best way to decide which plan is most effective for you is to contact your advisor to discuss which plan will most effectively help you reach your objectives.