This year is almost over, and we want to know: have you maxed out the contribution limits in your retirement plans for 2018? Have you opened a new retirement account that best meets your needs? To do either (or both!) there are some contribution limits and retirement plan deadlines you need to know. This information will help you end 2018 on a strong note so you can get a running start with your retirement plan goals in the new year.
This year is almost over, with only a few months to go until we ring in 2018. While those of us at Advanta IRA have no desire to make time fly more than it already does, there are some contribution limits and retirement plan deadlines you need to know. This information will help you wrap up 2017 and move into 2018 with solid dates plan limits you need to know to make the most out of your retirement account.
You have until April 18, 2017 to make the deadline (or file an extension) for submitting your income taxes to the IRS. You also have until that date to open and/or contribute to a few retirement plans if you want those contributions to count on 2016’s tax returns.
Out with the old and in with the new—that’s what new years are all about! In regards to retirement planning, one thing the new year brings is updated contribution limits from the IRS. And, the new limits are out now, giving you a chance to start your retirement planning strategy when we ring in 2017.
A recent article published by Money Magazine titled “1 in 3 Older Workers Likely to Be Poor or Near Poor In Retirement” states:
Regardless of how potentially successful an investment may be, sometimes even the most sophisticated investor either lacks capital or does not want to part with all of his or her investment funds to acquire an asset. Being frugal with your funds when considering an investment is always a good rule of thumb. Whatever your favorite cliché may be—you don’t want to bet the entire farm or put all your golden eggs in one basket. Even the most promising investment can go south and many do. However, just as many may not. But, do you really want to essentially gamble every dime you have to chance it?
There is plenty of good news for many retirement and other savings plan holders regarding 2015 contribution limits. While traditional and Roth IRAs contributions remain the same as 2014, other plans see an increase in limits—and every little bit counts!
Topics: Educational Savings Accounts (ESA), Roth IRAs, Self-Directed IRA, SEP IRA, SIMPLE IRA, Single Member LLC / Checkbook IRA, Health Savings Account (HSA), Contributions & Distributions, Traditional IRA