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Money News

The Government is Allowing You to Save More For Retirement in 2019

November 08, 2018

The IRS will increase contribution limits for retirement savings.

1 min read

We all want a raise. And the good news is that we’re all getting one—at least when it comes to retirement contributions.

Starting in 2019, The Internal Revenue Service (IRS) increased contribution limits on Individual Retirement Accounts (IRAs) and 401(k)s. The cost of living adjustment is the first contribution limit increase in six years.

Here’s what you need to know:

What it means for you

In a nutshell, the IRS’ decision to increase limits means that you can stash away more for retirement. And if you’re playing catch-up on your retirement savings, the increased limit could amount to some additional savings.

But if you plan to increase your contributions to reach the maximum, you’ll need to take action.

To change your IRA or 401(k) contribution levels, you’ll probably need to manually change your contribution by contacting your account provider. (Remember, a 401(k) is only available through your employer.)

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If you don’t have a retirement account, you can sign up for one on Stash.

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By Sam Becker

Investment Profile

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