401(k) Accounts

The feds want to make it easier for workers to move small 401(k) accounts when they switch jobs. The Labor Dept. recently approved a program by Retirement Clearinghouse to automatically transfer 401(k) balances of $5,000 or less of departing employees into individual retirement accounts. When they get new jobs, the balances would then be rolled into their new employers' plans. For each transfer, a maximum one-time fee of $59 would apply. Workers would be able to opt out. It's an idea that could catch on among employers now that the feds are behind it.

The amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $18,500 in 2018 to $19,000 in 2019. Catch-up contribution limits if you're 50 or older in 2019 remain unchanged at $6,000 for workplace plans and $1,000 for IRAs