This time of year, we get busy with family plans for both Thanksgiving and Christmas. Are we traveling? Who is hosting? Who do we buy for? Who do we send cards to?
It is also, a good time to review your Retirement contributions for the current year and look to see how to increase your contributions for 2019.
This year 2018 the IRA contribution limits are $5,500.00 for those younger than age 50 and $6,500.00 for those who are 50 or older.
In 2019 the contribution limits have increased to $6,000.00 for those younger than age 50 and $7,000.00 for those who are 50 or older.
The above limits also, apply to ROTH IRA contributions. When does a ROTH IRA contribution make sense? When you are young and in a low tax bracket the tax deduction of a traditional IRA may not be as beneficial as the tax-free growth of a ROTH IRA.
The limit has also increased for 401k, 403b and most 457 plans to $19,000.00 for 2019. When we talk with our clients, we stress for them to participate in their employer plan at least the percent that the employer plan matches. Then look at investing in an IRA.
The most important thing about saving for Retirement is to start young. It is never too late to start.
Make an appoint with our team and we can assist you in your Retirement savings plan and goals.