Savings Geeks, Get Ready To Do The Happy Dance! You Can Save More In Your 401(k) And IRA In 2019

Savings geeks (like us), prepare to do the happy dance.

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:

401(k): $19,000

($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.

 

 

 

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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