Happy New Year! We would like to highlight some figures that will be helpful in your financial and retirement planning for this coming year.
2018 Contribution Limits
Retirement Account | Age 49 and Younger | Age 50 and older* |
Traditional or Roth IRAs | $5,500 | $6,500 |
Simple IRAs | $12,500 | $15,500 |
401(k) or 403(b) | $18,500 | $24,500 |
* The Catch-Up amount applies the year you turn 50 and all future years.
Social Security BenefitsThe maximum earned income (wages) before Social Security Benefits are reduced (prior to full retirement age) is $17,040, up from $16,920 in 2017.
Gift Tax Exclusion/Estate TaxThe annual gift tax exclusion will increase to $15,000. The Estate Tax Exemption will increase to $5,600,000 in 2018 (pending new legislation).
If you would like help with retirement planning and/or estate planning, please do not hesitate to give us a call.