This is the first contribution limit increase since 2013 for IRAs and provides significant benefits. As an example, if we assume 8% returns, the updated $500 limit in retirement savings over 35 years is $100,000. Tax-deferred investment accounts such as IRAs and 401(k)s are powerful tools, that offer greater comfort in life and retirement. Click on more O&G content to learn the ins and outs.
You can begin contributing to your IRA under 2019 limits on January 1, 2019. However, if you still haven't met your 2018 limit, you have until April 15, 2019, to max out.
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