Tag: episode_1525

TAKE FULL ADVANTAGE OF TAX DEFERRED SAVINGS PLAN

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.