If you like to save on taxes, we’ve got great news for you. You can save and deduct more in your 401(k) and IRA next year.
Here’s the new amounts for 2019:
($25,000 if age 50 or over in 2019)
IRA or Roth IRA: $6,000
($7,000 if age 50 or over in 2019)
The Takeaway: If you’re covered by a 401(k) at work, remember to increase your automatic salary contributions before January 1.
Contribution amounts have changed for other plans as well. We’ll provide clients with a full update in our next newsletter.