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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
Notice 2018-83: A Snapshot of IRS Savings Changes 2019

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.    

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