New Year New Limits
As we head into 2019, now is a great time to take a look at your contributions towards any major savings goals and consider what your options might be for increasing those contributions. With many Americans behind in their quest to save for retirement, it's never to late to take the time to examine your budget and see if you can save a little more this year. Luckily, the IRS has also raised the contribution limits making it a little easier for those who might be behind. For 401ks, the maximum amount you can contribute has been increased from $18,500 to $19,000 and for IRAs, you can now contribute $6,000 (up from $5,500) with the catch-up contribution option of contributing an additional $1,000 if you are 50 or older. If you’re not sure whether you’re on track for retirement, feel free to give us a call. We’re happy to offer a complimentary financial plan and answer any additional questions you may have in your journey to financial stability.