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.