If you haven't made retirement savings a priority, now is a great time to start catching up.
That's because retirement plan contribution limits have been pushed higher for 2019.
The IRS has increased the amount employees can sock away in their 401(k) plans in 2019 to $19,000. That's up from $18,500 in 2018. That limit also applies to 403(b), Thrift Savings and most 457 plans.
The maximum amount you can put away in your individual retirement accounts has 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.
If you are 50 and over and looking to make up for lost time, catch-up contribution limits will remain the same for 2019: For 401(k) and other employee plans, you can put in an additional $6,000 in 2019, and for IRAs, it's an additional $1,000.