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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Year-end deadline for planning

Whew…... so, this current election cycle is over and soon there will be a new administration. In the past two weeks, I find clients who are overwhelmed with the election, the barrage of 24-hours news on social media and the radio, and have a multitude of questions or concerns about what may or may not happen with the markets. Might inflation start to flare? How many my taxes change? Will volatility increase?

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Giving: a conversation

By Philip Lee, CFP®

Last week my son asked me about charities and why or how people give to others. What a great conversation to have with a son – so I explained that I like to help others who have been less fortunate or need help during a transition such as a job loss or a divorce. Last year I helped to serve meals at a women’s shelter and gave away clothes that no longer fit to a shelter -- my son snagged a couple of clothing items before final delivery to the shelter.

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Key Upcoming Financial Planning Dates: 15s, 17 & 31

by Philip Lee, CFP®

As the summer wind-down begins it is time to start thinking about upcoming financial planning deadlines:

 

Sept. 15: Deadline for your Third quarterly estimated tax payment due


Oct. 1: FAFSA Submission Time-window Begins

If you (your child) plans to attend college from July 1, 2016 - June 2017 you can submit the Free Application for Federal Student Aid (FAFSA) form starting October 1st. This is a significant change from the past. More info.

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