Time To Increase Your 401(k) Contributions!

It’s the New Year! If you’re working, don’t forget to increase your 401(k) contributions to reflect 2019’s higher limits.

You can now contribute $19,000 per year to your 401(k) if under age 50, and $25,000 per year if 50 or over by the end of 2019.

Plus, you can add about $10/week extra to your Traditional or Roth IRA (the new limit is $6,000 if under 50 or $7,000 if age 50 or over).

Check out all the changes in our article Are You Saving Enough? New Retirement Limits For 2019.”

Retirement Tip: If you are still working, try to contribute 10-15% of your gross (pre-tax) income to savings each year. Make contributions to your 401(k), IRA or other account, and invest for long-term growth, in keeping with your overall investment allocation.

 

 

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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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