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!