FAQs re: 2020 Financial Planning and Retirement Contribution Limits

by Philip Lee, CFP®

Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits:

Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2020?
A: The elective deferral amounts are $19,500 and if you are 50 years old or older you can defer an additional $6,500 for a total of $26,000.  Even if you turn 50 years old at the end of 2020 you can still participated in the “catch-up” limit.

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FAQs re: 2019 Financial Planning and Retirement Contribution Limits

by Philip Lee, CFP®

Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits:

Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2019?
A: The elective deferral amounts are $19,000 and if you are 50 years old or older you can defer an additional $6,000 for a total of $25,000.  Even if you turn 50 years old at the end of 2019 you can still participated in the “catch-up” limit.

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FAQ: 2017 Limits in Financial Planning

This is the time of year when many may be spending time with family and/or friends while enjoying the holiday season. It's also the time when people typically make New Year resolutions – often centered around physical health or financial health.


These are some Frequently Asked Questions I get for those thinking about their finances.   Of course there is more to financial planning and investment advisory services than these limits:

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Planning in 2017: Tax savings in 529 plans for Massachusetts Residents

By Philip Lee, CFP®

Are you a Massachusetts resident and saving towards college via a 529 Plan?

I’ve often recommended the Nebraska 529 plan or, more recently, the Utah 529 plan since they offer great investment options for college savers. Massachusetts didn't have a tax incentive to save in our state's 529 plan. Now there may be a reason to use the Massachusetts state plan!

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Financial Planning Advice to Mount Holyoke College Seniors, Class of 2013

In each of the last few years, I have been asked to speak about basic financial planning issues to seniors of my alma mater, Mount Holyoke College.  The most recent presentation was in March.  In just 30 minutes, I tried to impart on the seniors some basic financial knowledge to prepare them for the decisions they will be presented when they enter the working world – how toselect a health insurance plan, do they need disability insurance (yes!), what about life insurance, should they start contributing to a retirement plan or pay down their student loans (if there is a match – both), should

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