The new Cost-Of-Living Adjustment (COLA) increases have come out for the year 2019. In the link below we have comparison of the 2019 and 2018 COLA dollar limitations on benefits and contributions.
- For 2019, you can contribute $500 more to your IRA and SIMPLE plans.
- 401(k) deferral limits also increased by $500, while total defined contribution limits increased by $1000.
- IRS taxable Wage Base increased from $128,400 to $132,900.
If you have any questions, please contact Lori Plescia, CFP®, CPA, PFS, QPFC at firstname.lastname@example.org or 314-576-1350.