Beginning in 2019, the IRS has established a few changes for Individual Retirement Accounts that we feel investors should pay close attention to.
Contribution and Income Limits Rise
For the first time since 2013, the maximum contribution to an Individual Retirement Account (Roth IRA or Traditional IRA) increased from $5,500 to $6,000. People 50 and over can contribute a further $1,000 (the catch-up contribution remains change) for a total of $7,000. Additionally, the phase-out period based on income has been raised slightly for both single and joint filers.
IRA holders have the option to establish a systematic deposit into their account held with Redstone Wealth Management in order to automatically take advantage of the full 2019 contribution limit.
Whether you would like to setup systematic deposits or if you prefer to make a one-time deposit to your IRA, please contact our office and we will assist with setting up your account accordingly.