The Roth 401k contribution limit increased by $500 to $19,000 for 2019. Workers 50 and older can save an extra $6,000 for retirement. The catch-up contribution limit will be $6,500 in 2020, up from $6,000 in 2019. Older workers can defer paying income tax on as much as $26,000 in a 401k plan in 2020. Here Are the 2019 SIMPLE IRA Limits Will users of these retirement plans get the same bump in contributions that 401k plans enjoyed? If your employer offers a 401K match, it’s essentially a retirement bonus from your place of employment. But before we cover 401K company match limits for 2019, let’s cover some basics. What is a 401K? A 401K is a savings plan specifically for retirement that’s sponsored by an employer. It’s beneficial because you don’t pay taxes on.

2019 IRS increases 401k contribution limit to $19,000. The contribution limit is increased from $55,000 to $56,000. Here changes for 2019 tax season. In addition, the limits for individual retirement accounts have also been bumped up for the first time since 2013. In 2019, you will be able to save up to $6,000 in your IRA, up from $5,500 in 2018.