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  3. IRS Announces New Retirement Plan Contribution Limits

IRS Announces New Retirement Plan Contribution Limits

Submitted by LWM | Linden Wealth Management LLC on November 5th, 2018
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Good news for savers, the IRS announced new retirement plan contribution limits for 2019 to go along with those previously announced for health savings accounts (HSA).  The larger contribution limits mean lower taxes, potentially higher after-tax investment returns and greater retirement income.

Depending on your income level, you could contribute, through a combination of a 401-k, IRA and HSA, as much as $40,000 annually.  If you're self-employed, as much as $64,000 through a SEP IRA and HSA.   

The tax savings can really add up.  The Government understands the challenges future retirees face, which includes rising healthcare costs, and through the tax-code is incentivizing us to save as much as possible:

  2019 2018
Traditional IRA $6,000 $5,500
Roth IRA $6,000 $5,500
  Catch-up contribution (50+ years) $1,000 $1,000
SEP IRA $56,000 $55,000
401-k $19,000 $18,500
  Catch-up contribution (50+ years) $6,000 $6,000
     
  Single Family
Health Savings Account (HSA) $3,500 $7,000
  Catch-up contribution (55+ years) $1,000 $1,000

As a fiduciary and fee-only advisor, I don't make money by selling financial products.  I'm free to recommend the strategies and investments that make sense for couples and individuals, based on a clear understanding of where you're headed in life.  

If an open conversation of this kind will be helpful to you, request an appointment now.  Feel free to call out any specific questions you'd like me to address.

http://www.lindenwm.com/contact

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining market

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