The IRS recently announced increased contribution limits for 2019 so you’ll be able to invest even more into your 401k or IRA.
Those with a 401k, 403b or thrift savings plan will be able to contribute up to $19,000 per year — that’s a $500 increase from last year. And if you’re 50 years old or older, you’ll be able to contribute a maximum of $25,000.
Likewise, IRA contributions also increased by $500. So for 2019, you’ll be able to invest up to $6,000 into a Roth or Traditional IRA. Those age 50 and over will be able to invest as much as $7,000.
Admittedly, many of us aren’t maxing out our contributions every year, but even small changes can move you closer towards your goal. Some find increasing their contributions by just 1 or 2 percent each year to be effective. Before you know it, you’ll be surprised at how much you’re saving for your retirement.
The point is to take action and to take advantage of opportunities to prepare for your own financial future.
This information in the Financial Tips section is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.