Archive for December, 2018

TAKE FULL ADVANTAGE OF TAX DEFERRED SAVINGS PLAN

December 7, 2018

TAKE FULL ADVANTAGE OF TAX DEFERRED SAVINGS PLANS

2019 ALLOWED CONTRIBUTIONS RISING

    401(k) OR SIMILAR WORKPLACE RETIREMENT PLAN:

  • $19,000 for under age 50
  • $6000 catch-up contribution for age 50 or older remains the same
    INDIVIDUAL RETIREMENT ACCOUNTS – I.R.A.’s:

  • $6000 for under age 50
  • $7000 for age 50 or older
    • HEALTH SAVINGS ACCOUNTS – H.S.A.’s:

 

    • $3500 for under age 55

 

    $1000 catch-up contribution for age 55 or older remains the same
    HEALTH SAVINGS ACCOUNTS = TRIPLE TAX BENEFIT

  • tax-free contribution
  • tax=free growth
  • tax-free withdrawals

Watch the related WEALTHTRACK episode.

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