New Year, New Numbers
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|
|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.