2019 Tax Planning: 3 Things to Consider

2019 Tax Planning: 3 Things to Consider

For the first time since 2013, the amount you can contribute into an IRA is increasing, from $5,500 to $6,000 ($7,000 if age 50 or older). The 401k contribution limit is increasing as well. The amount of pay you can defer into your 401k plan goes up from $18,500 to $19,000 ($25,000 if 50 or older). This chart details the 2019 contribution limits for various accounts, as well as the gift and estate tax exclusions. Take a look:

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How The RMD Laws Could Rock Your 401(k) Or IRA In Retirement

If you are in your 60s and own a 401(k) or IRA account (or both), you need to know about the RMD rules that take effect shortly after you turn 70.

RMD stands for "Required Minimum Distribution". It is the amount you must withdraw from your tax-deferred (or pre-tax) retirement accounts each year once you turn 70 years and 6 months of age (no idea why the IRS uses your half birthday and not age 70 or 71). The RMD rules are government's way of saying you have delayed paying taxes for too long and must begin recognizing your 401(k) and IRA savings as taxable income.

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Your Most Important Job Before Retirement

You plan to retire within 5 years. But can you?

There are over 76 million “baby boomers” in the U.S. - 1 out of every 4 people - born between 1946 and 1964. The Social Security Administration defines retirement as age 67, which means most baby boomers are closing in on retirement. If this is you, you may be asking yourself...

“Have we saved enough?”

Hopefully the answer is yes, but for many boomers the answer is unclear. Consider this your most important job yet.

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