![]() If you are not able to contribute the maximum, try to contribute enough to qualify for any matching contributions by your employer.Ĥ. Employees aged 50 or older who participate in such plans can contribute an additional $6,000 in "catch-up" contributions. In 2018, you can contribute up to $18,500 in your employer-sponsored retirement plan (i.e., 401(k), 403(b), most 457 plans, and the Federal government’s Thrift Savings Plan). Max out company retirement plan contributions. Then review your asset allocation and, if necessary, rebalance your investment portfolio.ģ. Work with your financial advisors to sell losing positions in taxable investment accounts as necessary to offset gains. Reduce taxable income and rebalance investments. The IRS provides some helpful worksheets here. Generally, you must begin taking RMDs for inherited IRA assets by December 31 of the year after the year of the original owner’s death, but certain exceptions may apply. ![]() ![]() These rules also apply in the case of an inherited or "stretch" IRA. (However, note that deferring your first RMD to 2019 will mean taking two RMDs in the same tax year, which could bump you into a higher income tax bracket). If you turned 70½ this year, you have until April 1, 2019, to take your first RMD without penalty. If you’re 70½ or older, you must take RMDs from certain retirement accounts by December 31 or face a penalty equal to 50% of the sum you failed to withdraw. Review required minimum distributions ("RMDs"). To help with that effort, here is a short list of things that you can easily accomplish before the ball drops on New Years’ Eve.ġ. Public Services, Infrastructure, Transportationĭuring the holidays, it can be hard to find the time (or desire) to review your finances and estate plan.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |