Notice 2018-83: A Snapshot of IRS Savings Changes 2019
IRS announced changes to savings plan increases for retirement accounts
- |
- Written by Banking Exchange Staff
The IRS recently announced changes to savings plan increases for retirement accounts:
- Most 401(K) and 403(b) plans went from $18,500 to $19,000.
- The catch up plan for people over 50 stayed the same at $6,000.
- IRA contributions increased to $6,000 from $5,500.
- The catch up plan for IRA contributions also stayed the same at $1,000.
The number of Americans that are saving for retirement has increased dramatically in the last ten years, thanks primarily to auto-enrollment initiatives. However, data shows that Americans are still not saving enough, and that supplemental plans that banks can offer can help close the gap.
Tagged under Bank Performance, Financial Research, Feature, Management, Financial Trends, Performance, Feature3,
Related items
- Higher Interest Rates Rank as Top Reason to Open Digital-Only Bank Account
- Citigroup Reports Strong Earnings as Stock Continues to Rise
- Consumer Watchdog Seeks Input on Digital Payment Privacy and Consumer Protections
- 48% of Credit Cardholders Carry Debt from Month to Month
- Stifel Acquires Growth Investment Bank