As the calendar crosses the mid-year mark, are you on track to reach your retirement savings goals?
The IRS has raised the limits for what you can put away in pre-tax retirement savings account this year.
That means you can sock away as much as $19,000 in your 401(k), 403(b), Thrift Savings Plan and most 457 plans, up from $18,500 in 2018.
You can also save as much as $6,000 in an IRA, up from $5,500 in 2018.
If you’re age 50 and over, you can put in an additional $6,000 in your 401(k) and other employee plans and another $1,000 in your IRA.
Even if your personal savings will be nowhere near those limits, now is a great time to check on whether your savings rates will get you to your goals for this year and beyond.
