With the holiday season officially upon us, many of you are probably looking for a gift that could make a difference for a loved one or wondering what you can do to help your community. A monetary gift is a great way to help a family member or friend, or aid a charitable organization in achieving a goal. But before you open your checkbook, it’s important to keep in mind how gifting can fit into your larger financial plan.
If you’re not already aware, healthcare planning is a big factor in retirement planning. Every year, Medicare recipients have the opportunity during the Medicare Open Enrollment Period to change their coverage options to better meet their health and financial needs.
Last week, the Internal Revenue Service raised the cap on the limits that individuals will be able to contribute to their retirement accounts for the 2019 tax year. The limit for participant elective deferrals to 401(k)s and 403(b)s has been raised to $19,000, up $500 from the 2018 limit of $18,500.
The week began as a national effort to raise public awareness about the importance of saving for retirement and working toward life savings goals. At Sacks & Associates Wealth Management our goal is to help our clients with their financial security leading up to and throughout retirement, so that they can make the most of their golden years.
