If saving more is one of your resolutions for 2019, there’s good news: You can put away more money toward your retirement accounts next year.
The IRS on Thursday released new contribution limits for employees who participate in 401(k) plans in 2019. The new number for those using pretax funds will be $19,000 in 2019, up from $18,500 in 2018.
That limit will also apply to 403(b), Thrift Savings and most 457 plans.
The average 401(k) balance is $104,000, according to Fidelity.