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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