On Friday, the IRS announced the 2019 cost-of-living adjustments (COLAs), which impact retirement plans for more than 67 million Americans.
In addition, the Social Security Administration announced the 2019 social security wage base will be $132,900, which reflects a 3.5% increase from 2018.
Most of the 2019 limitations increased over the last year, although few of them remained the same. We’ve compiled a side-by-side comparison on the dollar limitations for benefits and contributions over the past three years. The IRS also has an interesting comparison on their website which lists the COLA dollar limitations over the past 30 years.
Contact your BMF Advisor if you have questions on these dollar limitations, or to discuss your 2018 tax planning strategy.
