Certain retirement plans and IRA limits are adjusted each year based on inflation and cost-of-living. It’s important for you to know that, specifically, IRA contribution limits are increasing in 2019. This coming year Traditional and Roth IRAs maximum contributions will increase to $6000 (age 50 and older, $7000).
How does this affect you?
- If your accounts are managed by Leading Edge AND you are currently contributing the maximum amount we will automatically adjust your contributions in 2019 to match the new limits.
- If your accounts are held elsewhere AND you are currently contributing the maximum amount you may need to manually adjust your contributions to match the new limits.
We’re always here to help. Give us a call, 865-240-2292.
The IRS specifies dollar limitations on benefits and contributions under qualified retirement plans, not just IRA’s. These limitations are adjusted annually for cost-of-living increases. Other limitations applicable to deferred compensation plans may also be affected by these adjustments. We have included a chart with the essential information below.
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.