Broker Check

PWS Regulatory Info + IRS updates to Retirement Plan Contributions

| January 02, 2020

Clients and Friends of PWS,

Happy New Year!  Linked here are regulatory items I am required to give you from time to time.

Also, the IRS changed retirement plan contribution limits for Year 2020, so please update your IRA and 401k/TSP/403b-type contributions.  For example:

  • IRA limit is now $6000, or $7000 if age 50+ at any time during 2020
    • Monthly contributions pace = $500 or $583.33
  • 401k-type limit is now $19,500, or $26,000 if age 50+ at any time during 2020
    • Per paycheck (2wks) = $750 or $1000
    • Per paycheck (bi-monthly) = $812.50 or $1083.33
    • Or just have Payroll deduct % of your gross pay.  I'll help you figure out what %.
  • Contribute to both IRA and 401k-type accounts, if you can.  Example... 48 y/o with $150k salary aiming to save 20% for retirement
    • $30k total.  $19,500 to 401k, $6000 to IRA, and $4500 to taxable brokerage account.

Here's to us all enjoying a great year in 2020.  The markets were strong for us in 2019, and I'll have portfolio model performance updates soon.

Contact me with any questions, of course!

--Gary