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!
--Gary
Garo
Linck Partoyan
Potomac
Wealth Strategies, LLC
1800
Diagonal Road, Suite 600
Alexandria,
Virginia 22314
(703)
746-8195 phone
(855)
347-9483 fax
