In a shocking turn of events, retirement contribution limits are set to rise in 2019. Yes, you heard that right folks, you can now save even more money for your golden years! But before you break out the champagne and start planning your early retirement party, let’s take a closer look at what this means for the average Joe.
According to the IRS, the contribution limits for 401(k) plans will increase from $18,500 to $19,000 in 2019. That’s right, an extra $500 to stash away for your future self. But don’t get too excited just yet, because as our resident financial expert, Johnny Moneybags, points out, “You’ll still need to actually have money to contribute in the first place. So unless you’re rolling in dough, this increase might not make much of a difference.”
But fear not, dear readers, because we have some exclusive quotes from some of the biggest names in the retirement world. When asked about the increase in contribution limits, Warren Buffet reportedly said, “I’m just glad I won’t have to worry about running out of money in retirement. I mean, have you seen my net worth? I could buy a small country if I wanted to.”
On the other hand, our favorite fictional character, Penny Pincher, had this to say, “I don’t care about the increase in contribution limits. I’m still going to pinch every penny and live off ramen noodles in retirement. Who needs fancy vacations when you have a 401(k) account, am I right?”
So there you have it, folks. While the increase in retirement contribution limits may not be a game-changer for everyone, it’s still something to consider as you plan for your future. Who knows, maybe one day you’ll be sipping margaritas on a beach in retirement, all thanks to that extra $500 you saved each year. Just make sure to invite us to the party!
