Did You Know… TAX TIP

Posted on November 20, 2018 by The Weekly Commentary

by Jessica Goedtel, Associate Financial Advisor
The IRS recently released their cost of living adjustments for 2019.

A few items to note:

The maximum 401(k) contribution has increased to $19,000, from $18,500. The catch-up contribution for those ages 50 and over remains at $6,000.
The annual IRA contribution amount has increased to $6,000 from $5,500. The catch-up contribution remains the same at $1,000. This is the first time since 2013 that this limit has increased.
The overall limitation for defined contribution plans increased by $1,000 to $56,000.

In addition, the income brackets that determine eligibility for certain types of IRA contributions, such as Roth IRAs, have been increased for inflation. More information can be found at the official IRS release. READ MORE

This is a great time to review your current retirement savings strategies to make sure you are taking full advantage of your tax deferral options.

Valley National Financial Advisors, and its family of companies, has been in the Lehigh Valley since 1985. The company is independent and locally owned. As a respected and trusted organization, our relationships with many clients and their families transcend generations. We have the expertise to provide clients with financial strategies to effectively manage their existing assets and to provide for the eventual transfer of their wealth.

Our one-stop service model includes: Financial Planning – Investment Management – Estate Planning – Retirement Planning – Education Planning – Tax Planning & Preparation – Insurance Planning – Trust Services, offered as a Trust Representative Office of National Advisors Trust Company, FSB – ExecutiveEdgeTM, Personal Financial Planning for Corporate Leaders. Our services are provided by a team of objective professionals and managed by one contact person – your personal financial advisor.

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For more than years, our firm has been devoted to helping our clients to achieve their hopes, dreams and aspirations. This requires a delicate balance between the science of financial planning and the art of understanding the feelings and emotions of our clients and their families.

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