Clients and Friends of PWS—
Happy New Year! Here’s to us all enjoying a great year in 2020. The markets were strong for us in 2019, and I’ll have portfolio model performance updates soon. Meanwhile, linked here are regulatory items I am required to give you from time to time.
Also, the IRS changed retirement plan contribution limits for Year 2020, so please update your IRA and 401k/TSP/403b-type contributions. For example:
- IRA limit is now $6000, or $7000 if age 50+
- Monthly contributions would be $500 or $583.33
- 401k-type limit is now $19,500, or $26,000 if age 50+
- Per paycheck (if paid every two weeks) would be $750 or $1000
- Per paycheck (if paid twice-a-month) would be $812.50 or $1083.33
- Or have Payroll deduct a % of your gross pay. Let me help you figure it out.
- Contribute to both IRA and 401k-type accounts if you can. Example… 48 y/o with $150k salary aiming to save 20% for retirement
- $30k total--$19.5k into 401k, $6k into IRA, and $4.5k into taxable brokerage acct earmarked for retirement
Contact me with any questions. Thank you!
Garo Linck Partoyan
Potomac Wealth Strategies, LLC
1800 Diagonal Road, Suite 600
Alexandria, Virginia 22314
(703) 746-8195 phone
(855) 347-9483 fax