Did You Max Out Your Retirement Plan Savings in 2019?
You can increase them this year to:
- $19,500 in before-tax and/or Roth contributions
- plus up to $6,500 in catch-up contributions if age 50 or over by year end (totaling $26,000)
- plus up to an additional $3,000 with 15+ years of UMC service (call Wespath at 1-800-851-2201 for details)
The Saver’s Credit income limits also increased to $65,000 for married couples filing jointly; $48,750 for heads of household, and $32,500 for singles and married filing separately.
Limits also increased for Health Savings Accounts
If you are in a high-deductible health care plan, your Health Savings Account limits increased to:
- $3,550/ individual or $7,100/ family
- +$1,000 if age 55 or over by year end
Learn more on the IRS website. Go to wespath.org/limits to link to the IRS.