Financial Planning | Your 2019 Financial To-Do List

Contribute to your retirement plan.  In 2019, the yearly contribution limit for a Roth or traditional IRA rises to $6,000; $7,000 for those making “catch-up” contributions.  Income limits are applied to Roth IRAs.  You can contribute up to $19,000 to 401(k), 403(b), and most 457 plans, with $6,000 “catch-up” contributions.1

Make 2018 IRA contributions by April 15, 2019, which is the deadline for filing your 2018 federal return.

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Why Work With a Financial Planner? | Planning Insights

There are many reason to work with a financial professional.  Here are some of the reasons.

  • A financial professional can apply his or her skills to your specific needs. Just as important, you have someone who can answer questions about things that you may find confusing or anxiety-provoking. When the financial markets go through one of their periodic downturns, having someone you can turn to may help you make sense of it all.

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RMD Series | Should You Delay Your First RMD | Planning Insights

Remember, you have the option of delaying your first distribution until April 1 following the calendar year in which you reach age 70½ (or April 1 following the calendar year in which you retire, in some cases).

You might delay taking your first distribution if you expect to be in a lower income tax bracket in the following year, perhaps because you're no longer working or will have less income from other sources. However, if you wait until the following year to take your first distribution, your second distribution must be made on or by December 31 of that same year.

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RMD Series | Which Retirement Savings Vehicles Are Subject to the RMD Rules | Planning Insights

In addition to traditional IRAs, simplified employee pension (SEP) IRAs and SIMPLE IRAs are subject to the RMD rules. Roth IRAs, however, are not subject to these rules while you are alive. Although you are not required to take any distributions from your Roth IRAs during your lifetime, your beneficiary will generally be required to take distributions from the Roth IRA after your death.

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