IRS Contribution Limits & Social Security Payments Increase in 2019!

The IRS limits annual contributions to tax advantaged accounts. The good news is for many accounts those limits are increasing for 2019. Here is a summary of some of the most popular accounts and their new limits.

contribution limits 2019

The other news is there has been a cost of living adjustment (COLA) to Social Security payments. The adjustment is a 2.9% increase in benefits. The COLA average increase is $39 every month for a retired worker, and $67 for retired couples. It’s the highest increase in 7 years.

Although there is an increase to Medicare premiums as well, it’s quite small so most retired workers should actually see larger social security payments. Standard monthly Medicare premiums will cost $1.50 more: $135.50, up from $134 in 2018. Annual deductibles will rise $2 next year to $185, up from this year’s $183.

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