Wisdom to Wealth- Tuesday, Jan. 12

Published: Jan. 12, 2021 at 5:56 PM EST
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John Halterman:  Hey, are you like most people and you want to get a good start to the year 2021.  You want to start saving as much money as possible.  Well, the easiest place is usually in your retirement plan.  So everybody’s asking me, ‘Hey, can I put more away this year than I did last year?’  Well, unfortunately this year is going to be a flat year.  The IRS is not increasing the contribution limits for 2021.  Now let me give you a refresher.  The contribution limits for 401ks and 403bs is nineteen-thousand-five hundred, if you’re under the age of fifty.  Now, for a Roth IRA and IRA it is going to be six-thousand dollars.  Now, of course, if you’re over fifty there is catch-up provisions.  So that makes it nice for people who are getting closer to retirement.  Now here is some good news.  If you’re a high income earner, you want to take advantage of a tax-free Roth IRA, you could still do a backdoor Roth.  So there’s options out there available for you.  So, for more answers, call or visit my website today.

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