By Paul Morrone CFP®, CPA/PFS, MSA
The new year brought a welcomed increase to retirement plan contribution limits, as allowable 401(k) pretax elective deferral limits were raised to $19,000 from $18,500 in 2018. Taking advantage of this $500 increase may require some action on your part as a plan participant. If you are currently ‘maxed out,’ you may want to confirm that your 2019 deferrals are set to the full $19,000 (as opposed to last year’s limit) as it may or may not have been updated automatically. There are also several other considerations that should be reviewed as soon as possible to make sure your retirement savings plan stays on track.