By The Prepare Institute
We are into a new year, and as always a new year brings new rules, laws, retirement contribution guidelines, etc. This year is no exception, and we are also dealing with a brand new tax code. To keep your retirement and estate planning up-to-date, accurate and finely tuned, you have to get yourself informed and educated on all these changes.
Several of these new tax laws, rules, legislation and retirement plan guidelines are now in effect, and many more proposed changes could certainly come into play sometime this year. Below are some specifics.
A New Tax System – Congress recently approved the most sweeping overhaul of the U.S. tax code in three decades. Unfortunately, it is not a permanent change. You need to find out how to take advantage and save tax dollars while you can.
Retirement Plan Contribution Limits – Contribution limits for some types of retirement savings plans have changed for 2019.
Entitlement Program Changes – There have been some changes to Social Security and other entitlement programs for 2019, with more expected.
Interest Rates – More rate hikes are projected for this year and this very well could have effects on your retirement plan.
Keeping up with the changes each year and making the proper adjustments to your specific plan is a must for those who want to have and maintain a successful retirement plan. For more detailed information on the many changes for 2019 and how to update your plan properly, visit The Prepare Institute website and find an upcoming retirement education course in your area.
Content is for educational and informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should contact your retirement and tax professional before utilizing any of the information in this article.