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:Read More
'Tis the season to consider a Roth IRA conversion.
If you own a retirement account that you funded with pre-tax contributions, such as a Traditional IRA or a 401(k), those accounts are growing on a tax-deferred basis. You avoid paying taxes today, but will pay taxes in retirement as you take withdrawals.
Alternatively, what if you could have those savings grow tax-free?Read More