Retirement

IRA Limits	2018	2019
IRA – Traditional or Roth (income limits apply)	$5,500($6,500 for those age 50 or older)	$6000 ($7000 for those age 50 and older)
SEP IRA Limits	2018	2019
Employee	0	0
Employer	Up to 25% of W-2 wages for all eligible employees, $54,000 max	Up to 25% of W-2 wages for all eligible employees, $56,000 max
Self-Employed	20% of (net self-employment income minus SE tax), $54,000	20% of (net self-employment income minus SE tax), $56,000 max
Simple IRA	2018	2019
Employee	$12,500 ($15,500 for those age 50 or older)	$13,000 ($16,000 for those age 50 or older)
Employer	Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees (including nonparticipants)	Option 1: match employee contributions up to 3% of gross wages (can be reduced as low as 1% in 2 out of 5 years); or Option 2: 2% of wages for all employees (including nonparticipants)
Self-Employed	100% of self employment income up to $12,500 ($15,500 for those age 50 or older) PLUS 3% of (remaining self employment income minus one half of SE tax)	100% of self-employment income up to $13,000 ($16,000 for those age 50 or older) PLUS 3% of (remaining self-employment income minus one half of SE tax)
401-K	2018	2019
Employee	$18,500 ($24,500 for those age 50 and older)	$19,000 ($25,000 for those age 50 and older)
Employer	Up to 25% of W-2 wages; Wages up to $275,000;	Up to 25% of W-2 wages. Wages up to $280,000
Employee + Employer combined	$55,000 ($61,000 for those 50 and older)	$56,000 ($62,000 for those age 50 and older)
Self Employed	100% of self employment income up to $18,500 ($24,500 for those 50 and older) PLUS up to 20% of (remaining self employment income minus one half of SE tax) max $54,000 ($60,000 for those age 50 and older)	100% of self-employment income up to $19,000 ($25,000 for those 50 and older) PLUS up to 20% of (remaining self-employment income minus one half of SE tax) max $56,000 ($62,000 for those age 50 and older)
Catch up contributions for individuals 55 or older (but less than 65) – $1,000 Contribution limits are prorated (1/12 per month) for a partial year.