2019 Retirement Contribution Limits Announced

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GetMeToRetirement
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2019 Retirement Contribution Limits Announced

Post by GetMeToRetirement » Fri Oct 19, 2018 8:25 am

[Thread merged into here, see below. --admin LadyGeek]

One year ago, the IRS announced the 2018 increase in 401(k) contribution limit to $18,500. Any idea if we can expect the IRS to announce the 2019 limits today?

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AtlasShrugged?
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Re: 2019 401(k) Contribution Limit

Post by AtlasShrugged? » Fri Oct 19, 2018 9:35 am

GetMe...The announcement is coming soon, but you can reasonably bank on this.

401K: 19K regular contribution + 6K catchup = 25K total
Roth IRA: 6K regular contribution + 1K catchup = 7K total

The CPI calculation pushed the limits upward.
“If you don't know, the thing to do is not to get scared, but to learn.”

tenkuky
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Re: 2019 401(k) Contribution Limit

Post by tenkuky » Fri Oct 26, 2018 4:52 pm

A week later still no update from IRS.
In 2017, announcement was on Oct 20.
Any idea when this will be announced?

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willthrill81
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Re: 2019 401(k) Contribution Limit

Post by willthrill81 » Fri Oct 26, 2018 5:05 pm

It should be this month, so hopefully next week.

This guy claims to use the same methods as the IRS and that he has been 100% accurate in prior predictions. But who knows? He says that 401k/403b/457 limits will increase to $19k of elective deferrals and $56k for total contributions. IRA contribution limits should increase to $6k. I suspect that he's correct.

I hope that they increase HSA limits to $7k for family plans too.
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tmcc
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Re: 2019 401(k) Contribution Limit

Post by tmcc » Fri Oct 26, 2018 6:14 pm

the HSA limit for both individuals and families is comically low given how much of a struggle it is in the event of an actual illness. both should be at least double.

"here save $3450 tax free this year. but remember that hospital visit? yeah. your total will be $257,000 from the facility, $75,000 from the surgeon, $50,000 for the anesthetist who is out of network and plans to balance bill you.. but don't forget $35,000 from the pharmacy. ok then, due on receipt."

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willthrill81
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Re: 2019 401(k) Contribution Limit

Post by willthrill81 » Fri Oct 26, 2018 6:20 pm

tmcc wrote:
Fri Oct 26, 2018 6:14 pm
the HSA limit for both individuals and families is comically low given how much of a struggle it is in the event of an actual illness. both should be at least double.
Well, the family limit is enough for us to cover one family member's annual out of pocket maximum and almost enough for the whole family.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

Nate79
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Re: 2019 401(k) Contribution Limit

Post by Nate79 » Fri Oct 26, 2018 6:26 pm

Maybe they are gun shy and double checking their math after screwing up the HSA max last time.

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whodidntante
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Re: 2019 401(k) Contribution Limit

Post by whodidntante » Fri Oct 26, 2018 6:28 pm

Only on Bogleheads would you find a question about next year's 401k limit in October.

JediMisty
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Re: 2019 401(k) Contribution Limit

Post by JediMisty » Fri Oct 26, 2018 6:47 pm

Been wondering it all week. My job is insecure, so I plan to maximize my 401k by July. It's a complicated calculation.

Spirit Rider
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Re: 2019 401(k) Contribution Limit

Post by Spirit Rider » Fri Oct 26, 2018 8:19 pm

willthrill81 wrote:
Fri Oct 26, 2018 5:05 pm
It should be this month, so hopefully next week.

This guy claims to use the same methods as the IRS and that he has been 100% accurate in prior predictions. But who knows? He says that 401k/403b/457 limits will increase to $19k of elective deferrals and $56k for total contributions. IRA contribution limits should increase to $6k. I suspect that he's correct.
"That guy is forum member @tfb and he knows exactly what he is talking about and several others have also provided the same information.
I hope that they increase HSA limits to $7k for family plans too.
No hoping required. The IRS released Rev. Proc. 2018-30 on May 10th 2019. The maximum family contribution limits will be $7K.
Nate79 wrote:
Fri Oct 26, 2018 6:26 pm
Maybe they are gun shy and double checking their math after screwing up the HSA max last time.
The IRS did not screw anything up. They did everything 100% in accordance with the law:
  • On May 4th 2017 in accordance with the law, the IRS released the 2018 HSA family limit of $6900 based on the CPI.
  • The Tax Cuts and Jobs Act in Dec 2017 changed the law to use the Chained-CPI. Om March 2nd 2018 in accordance with the new law, the IRS revised the 2018 HSA family limit to $6850 based on the Chained-CPI.
  • After petition by numerous parties the IRS determined that relief was in the best interest of sound and efficient tax administration. In April the IRS granted relief for the retroactive decrease to $6,850 an reinstated the original $6,900 limit.
There are plenty of opportunities to be unhappy with the IRS. Let's not bash them for faithfully executing the law.

Stormbringer
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2019 Retirement Contribution Limits Announced

Post by Stormbringer » Thu Nov 01, 2018 10:23 am

The IRS released the limits for 2019.

Notable amounts are:

- 401(k) elective deferral amount increased from $18,500 to $19,000.
- Catch-up contributions unchanged at $6,000.
- IRA contributions increased from $5,500 to $6,000.

See the link for other limits.
"Compound interest is the most powerful force in the universe." - Albert Einstein

tenkuky
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Re: 2019 401(k) Contribution Limit

Post by tenkuky » Thu Nov 01, 2018 10:44 am


Bacchus01
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Re: 2019 401(k) Contribution Limit

Post by Bacchus01 » Thu Nov 01, 2018 10:55 am

tmcc wrote:
Fri Oct 26, 2018 6:14 pm
the HSA limit for both individuals and families is comically low given how much of a struggle it is in the event of an actual illness. both should be at least double.

"here save $3450 tax free this year. but remember that hospital visit? yeah. your total will be $257,000 from the facility, $75,000 from the surgeon, $50,000 for the anesthetist who is out of network and plans to balance bill you.. but don't forget $35,000 from the pharmacy. ok then, due on receipt."
Your example is an absurd view of how the HSA is supposed to work.

The HSA is supposed to cover most or all of your family deductible before your insurance kicks in. It's not supposed to cover your total medical expenses.

And if you don't use it, you can roll it over.

That said, I'd love to have the number doubled or even tripled. I'd also take a much higher deductible as well.

rantk81
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Re: 2019 401(k) Contribution Limit

Post by rantk81 » Thu Nov 01, 2018 11:00 am

If it were me writing the laws, I think a more-fair approach would be for HSA contribution limits to match whatever your plan's in-network out-of-pocket-maximum number is.... And no more requirement for the plan to be high-deductible.

ebrasmus21
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Re: 2019 Retirement Contribution Limits Announced

Post by ebrasmus21 » Thu Nov 01, 2018 11:06 am

Thanks for sharing!

deltaneutral83
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Re: 2019 401(k) Contribution Limit

Post by deltaneutral83 » Thu Nov 01, 2018 11:23 am

tenkuky wrote:
Thu Nov 01, 2018 10:44 am
It's here!
https://www.irs.gov/pub/irs-drop/n-18-83.pdf
401k up to $19k and Roth up to $6k for 2019.

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JoMoney
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Re: 2019 Retirement Contribution Limits Announced

Post by JoMoney » Thu Nov 01, 2018 11:54 am

§ 415(c)(1)(A) limit increased from $55k to $56,000
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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ginmqi
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Re: 2019 Retirement Contribution Limits Announced

Post by ginmqi » Thu Nov 01, 2018 11:57 am

Finally! About time. With inflation now in pretty much full swing, not a surprise.

shipwreck
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Re: 2019 Retirement Contribution Limits Announced

Post by shipwreck » Thu Nov 01, 2018 12:24 pm

There goes next year raise. ugh! :D

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SquawkIdent
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Re: 2019 Retirement Contribution Limits Announced

Post by SquawkIdent » Thu Nov 01, 2018 2:31 pm

Finally. As predicted increases. Thanks for posting. :sharebeer

sergio
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Re: 2019 Retirement Contribution Limits Announced

Post by sergio » Thu Nov 01, 2018 2:39 pm

On a somewhat related note, does anyone know when the 2019 tax year information will be released (brackets, standard deduction amount etc.)?

I don't want to start a new thread just for this question.

mervinj7
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Re: 2019 Retirement Contribution Limits Announced

Post by mervinj7 » Thu Nov 01, 2018 3:11 pm

sergio wrote:
Thu Nov 01, 2018 2:39 pm
On a somewhat related note, does anyone know when the 2019 tax year information will be released (brackets, standard deduction amount etc.)?

I don't want to start a new thread just for this question.
Here's the 2018 draft 1040 from September 2018. All tax tables should be included.
https://www.irs.gov/pub/irs-dft/i1040tt--dft.pdf

bo105954027
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401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

Post by bo105954027 » Thu Nov 01, 2018 3:43 pm

[Thread merged into here, see below. --admin LadyGeek]

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83:
https://www.irs.gov/pub/irs-drop/n-18-83.pdf
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bligh
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Re: 401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

Post by bligh » Thu Nov 01, 2018 3:46 pm

Woo hoo! First the iBond Fixed rate goes up, and now this.

I'll take it! :)

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Re: 2019 Retirement Contribution Limits Announced

Post by LadyGeek » Thu Nov 01, 2018 3:51 pm

I merged bo105954027's thread into the on-going discussion.
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Re: 2019 Retirement Contribution Limits Announced

Post by LadyGeek » Thu Nov 01, 2018 5:55 pm

I merged GetMeToRetirement's thread into here. The software sorts by time, GetMeToRetirement was first.
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sergio
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Re: 2019 401(k) Contribution Limit

Post by sergio » Thu Nov 01, 2018 6:16 pm

willthrill81 wrote:
Fri Oct 26, 2018 6:20 pm
tmcc wrote:
Fri Oct 26, 2018 6:14 pm
the HSA limit for both individuals and families is comically low given how much of a struggle it is in the event of an actual illness. both should be at least double.
Well, the family limit is enough for us to cover one family member's annual out of pocket maximum and almost enough for the whole family.
The $7k limits is $200 short of our family deductible (which is also our OOP max) which is nice because psychologically I never have to spend post-tax money on healthcare... but my god how did we go from reasonable premiums for a $250 deductible plan to high premiums for $7,000 deductible plans :annoyed :shock: :twisted:

JeepDaze
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401K and IRA Contribution Limits Increased for 2019

Post by JeepDaze » Thu Nov 01, 2018 8:10 pm

The Internal Revenue Service on Thursday unveiled the cost-of-living adjustments for pension plans and other retirement items for the 2019 tax year, including the first increase to the contribution limit for the Individual Retirement Arrangement in six years. The limit on annual contributions to an IRA has increased to $6,000 from $5,500 for the 2019 tax year, while the limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased from $18,500 to $19,000.

https://www.marketwatch.com/story/ira-c ... 1?mod=bnbh

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LadyGeek
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Re: 2019 Retirement Contribution Limits Announced

Post by LadyGeek » Thu Nov 01, 2018 8:17 pm

^^^ I merged JeepDaze's post into the on-going discussion. The combined thread is in the Investing - Theory, News & General forum (news).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

JeepDaze
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Re: 2019 Retirement Contribution Limits Announced

Post by JeepDaze » Thu Nov 01, 2018 8:18 pm

Thank you LadyGeek. I didn't see the existing thread, my fault.

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GoldStar
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Re: 2019 401(k) Contribution Limit

Post by GoldStar » Fri Nov 02, 2018 3:36 pm

whodidntante wrote:
Fri Oct 26, 2018 6:28 pm
Only on Bogleheads would you find a question about next year's 401k limit in October.
:)
And only a Boglehead gets excited about turning 50 because he has another $6000 he can put in!

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ofcmetz
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Re: 2019 401(k) Contribution Limit

Post by ofcmetz » Fri Nov 02, 2018 3:42 pm

GoldStar wrote:
Fri Nov 02, 2018 3:36 pm
whodidntante wrote:
Fri Oct 26, 2018 6:28 pm
Only on Bogleheads would you find a question about next year's 401k limit in October.
:)
And only a Boglehead gets excited about turning 50 because he has another $6000 he can put in!
Only 11 more years until I can put more into my 403B and 457B plans. Woohoo!
Never underestimate the power of the force of low cost index funds.

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Clever_Username
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Re: 2019 401(k) Contribution Limit

Post by Clever_Username » Fri Nov 02, 2018 3:53 pm

ofcmetz wrote:
Fri Nov 02, 2018 3:42 pm
GoldStar wrote:
Fri Nov 02, 2018 3:36 pm
whodidntante wrote:
Fri Oct 26, 2018 6:28 pm
Only on Bogleheads would you find a question about next year's 401k limit in October.
:)
And only a Boglehead gets excited about turning 50 because he has another $6000 he can put in!
Only 11 more years until I can put more into my 403B and 457B plans. Woohoo!
I'm so jealous, I won't turn 50 for another 15 years. At least I get an extra $500 next year over this year!
"What was true then is true now. Have a plan. Stick to it." -- XXXX, _Layer Cake_

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Re: 2019 Retirement Contribution Limits Announced

Post by LadyGeek » Fri Nov 02, 2018 4:44 pm

^^^ Look at it this way. Your $500 over 15 years will be worth far more than someone who is near retirement and can only invest it for a few years.

See: Importance of saving early
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dziuniek
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Re: 2019 Retirement Contribution Limits Announced

Post by dziuniek » Sat Nov 03, 2018 6:42 am

And I finally thought I was going to max my 457b next year.

Schucks... :twisted:

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Re: 2019 Retirement Contribution Limits Announced

Post by Clever_Username » Sat Nov 03, 2018 1:00 pm

LadyGeek wrote:
Fri Nov 02, 2018 4:44 pm
^^^ Look at it this way. Your $500 over 15 years will be worth far more than someone who is near retirement and can only invest it for a few years.

See: Importance of saving early
That is awesome, thank you :-)
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CyclingDuo
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401k/IRA contribution limits rise for 2019...

Post by CyclingDuo » Sun Nov 04, 2018 11:51 am

[Thread merged into here, see below. --admin LadyGeek]

Time to include the new IRS 2019 raise of 2.7% to the contribution maximum limits on the top end of this list for 401k/403b/457 contributions...

2019 Employee Contribution: $19,000 ($25,000 for age 50 and above as the catch up contribution of $6,000 remains the same).

Image

Example of how one's contributions may have grown over the years if they had contributed the employee contribution maximum amount over the past 30 years:

Image

In addition, the IRS has raised the IRA limits 9% for 2019 which is the first change since 2013...

From $5,500 to $6,000 ($7,000 for age 50 and above as the catch up contribution of $1,000 remains the same).

https://www.forbes.com/sites/ashleaebel ... e59429776c

https://www.fool.com/retirement/2018/11 ... -10-i.aspx

How many are planning on taking advantage of the increases in 2019? I know that we plan to try and utilize as much of the contribution limits as we can due to being in our catch up years - empty nest years while keeping our expenses in check for our annual budget. My plan receives the company match, so we will max it out for sure. My wife's plan(s) are voluntary (403b/457b) due to being covered by a pension - so receive no company match, but we still try to fill at least one of them.

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Living Free
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Re: 401k/IRA contribution limits rise for 2019...

Post by Living Free » Sun Nov 04, 2018 1:52 pm

I'll be taking advantage. My wife currently is at home with the kids so we have less retirement account "space" available, so this is increase is very welcome!

Nissanzx1
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Re: 401k/IRA contribution limits rise for 2019...

Post by Nissanzx1 » Sun Nov 04, 2018 1:55 pm

We will take advantage on the Roths but sadly don't quite make enough to take advantage of the max 401K's although we do Place about 15% in there tax deferred...

emlowe
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Re: 401k/IRA contribution limits rise for 2019...

Post by emlowe » Sun Nov 04, 2018 2:23 pm

The Mega-Back Door After-Tax limit is also up to $56,000 (from 55k). This is a total cap including the $19,000 employee contribution and any employer contributions, but not including the 50+ catch-up contributions.

So if you have After Tax in your plan, you may be able to put in $37,000 (if your employer does not contribute), which is an overall $500 increase from 2018.

TIAX
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Re: 401k/IRA contribution limits rise for 2019...

Post by TIAX » Sun Nov 04, 2018 2:36 pm

Wow we need the 1982 max back.

Snowjob
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Re: 401k/IRA contribution limits rise for 2019...

Post by Snowjob » Sun Nov 04, 2018 3:18 pm

Assume the growth of the 401k is based on all dollars going into a s&p500 fund? It’s a good way to see how Our individual performance compares to the optimal choice in hindsight. Thanks for linking these charts!

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Re: 401k/IRA contribution limits rise for 2019...

Post by danaht » Sun Nov 04, 2018 4:51 pm

I am going to take advantage of it - but it will be difficult to max out the catch up contribution when I turn 50 in a couple of years. My employer offers a 10% discount on their stock - and I will want to max that out as well (at $25,000 a year) - so I'll be living with very little cash soon.

sawhorse
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Re: 401k/IRA contribution limits rise for 2019...

Post by sawhorse » Mon Nov 05, 2018 1:36 am

Thanks for this info! Are the income thresholds the same as now for IRAs?

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CyclingDuo
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Re: 401k/IRA contribution limits rise for 2019...

Post by CyclingDuo » Mon Nov 05, 2018 9:58 am

danaht wrote:
Sun Nov 04, 2018 4:51 pm
I am going to take advantage of it - but it will be difficult to max out the catch up contribution when I turn 50 in a couple of years.
Yes, salary becomes the limiting factor for most of us when it comes to household cashflow and being able to max out any or all plans. We were never able to max out everything before turning 50 due to raising children and all of the associated expenses vs. our actual gross income. Income growth in the past few years and the empty nest has allowed us to attack a bit better in the catch up years. Hopefully we can keep that up for a few more years.
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sailaway
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Re: 401k/IRA contribution limits rise for 2019...

Post by sailaway » Mon Nov 05, 2018 10:18 am

TIAX wrote:
Sun Nov 04, 2018 2:36 pm
Wow we need the 1982 max back.
Especially if we can have the 1981 match! I knew these we're introduced for executives, but those amounts must have higher than the average salary back then!

But have you looked at the tax brackets from 1980?

Calico
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Re: 401k/IRA contribution limits rise for 2019...

Post by Calico » Mon Nov 05, 2018 10:45 am

CyclingDuo wrote:
Mon Nov 05, 2018 9:58 am
danaht wrote:
Sun Nov 04, 2018 4:51 pm
I am going to take advantage of it - but it will be difficult to max out the catch up contribution when I turn 50 in a couple of years.
Yes, salary becomes the limiting factor for most of us when it comes to household cashflow and being able to max out any or all plans. We were never able to max out everything before turning 50 due to raising children and all of the associated expenses vs. our actual gross income. Income growth in the past few years and the empty nest has allowed us to attack a bit better in the catch up years. Hopefully we can keep that up for a few more years.
I'm in the same boat as a single parent (divorced). The maximum contribution is nearly 1/4 of my gross income. I can't max out my 401k. I increase it every year as I get pay raises, but unless my mortgage suddenly disappears, I can't pull it off. Even after I am 50 I will still have a teenager living in my house. I do put $11k in my 401k and max out my IRA, that's the most I can do and still have money to pay the bills too.

I will increase my IRA contribution to max it out though (I like it better since I have control where as the 401k is a very limited choice of funds I really don't like). I can pull off $42 more a month. I get a raise every January so there will be more money to save. I will also increase my 401k because I always put half of my raise into it.

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Re: 401k/IRA contribution limits rise for 2019...

Post by Darth Xanadu » Mon Nov 05, 2018 11:07 am

Our plan is to achieve max contributions for my 401k, and both my Roth IRA and my spouses Roth IRA. My spouse is not currently eligible for a 401k so if she becomes eligible in 2019 we will at least hit up to any match for which she is eligible, but highly unlikely to be able to max out for her.
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Re: 2019 Retirement Contribution Limits Announced

Post by LadyGeek » Mon Nov 05, 2018 8:07 pm

I merged CyclingDuo's thread into the on-going discussion. The combined thread is in the Investing - Theory, News & General forum.
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Tiffku08
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Re: 2019 Retirement Contribution Limits Announced

Post by Tiffku08 » Mon Nov 05, 2018 11:58 pm

Yay! Finally an increase!

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