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DuPont Wealth Solutions

@ dupontwealth: There are some significant changes to your retirement plans starting January 1, 2020. Here are the highlights: 𝐈𝐑𝐒 𝐂𝐨𝐬𝐭-𝐨𝐟-𝐋𝐢𝐯𝐢𝐧𝐠 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬 • Maximum employee contribution rises to $19,500 • Combined employer and employee contribution rises $57,000 • Employee catch-up contribution for participants ages 50+ rises to $6,500 • Combined employer and employee contribution for ages 50+ rises to $63,500 • Annual compensation limit for calculating contributions increases to $285,000 • Highly Compensated Employee limit increases to $130,000 • The compensation amount regarding simplified employee pensions remains unchanged • The limitation regarding SIMPLE retirement accounts rises to $13,500 𝐓𝐡𝐞 𝐒𝐞𝐜𝐮𝐫𝐞 𝐀𝐜𝐭 While the SECURE Act contains 29 provisions aimed at helping Americans better save for retirement, here are a few highlights: • It offers tax incentives to small businesses to set up automatic enrollment in retirement plans • It allows employers to join with other companies and offer joint-retirement plans, which should help keep costs down • It allows many part-time workers to participate in employer-sponsored retirement plans • It creates a new early withdrawal penalty tax exemption of up to $5,000 from an IRA to use for childcare costs • It pushes back the Required Minimum Distribution Age from 70 ½ to 72 • It allows for the inclusion of more lifetime-income options, including annuities 𝐒𝐭𝐚𝐫𝐭 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝟐𝟎𝟐𝟎 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐍𝐨𝐰 Take a look at the @linkedin link in bio and learn more. ______________________________________⠀ 𝐆𝐢𝐯𝐞 𝐮𝐬 𝐚 𝐬𝐡𝐨𝐮𝐭.⠀ 𝐖𝐞 𝐰𝐨𝐮𝐥𝐝 𝐥𝐨𝐯𝐞 𝐭𝐨 𝐬𝐩𝐞𝐚𝐤 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮!⠀ (𝟔𝟏𝟒) 𝟒𝟎𝟖-𝟎𝟎𝟎𝟒

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 There are some significant changes to your retirement plans starting January 1, 2020.

Here are the highlights:

𝐈𝐑𝐒 𝐂𝐨𝐬𝐭-𝐨𝐟-𝐋𝐢𝐯𝐢𝐧𝐠 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬
• Maximum employee contribution rises to $19,500
• Combined employer and employee contribution rises $57,000
• Employee catch-up contribution for participants ages 50+ rises to $6,500
• Combined employer and employee contribution for ages 50+ rises to $63,500
• Annual compensation limit for calculating contributions increases to $285,000
• Highly Compensated Employee limit increases to $130,000
• The compensation amount regarding simplified employee pensions remains unchanged
• The limitation regarding SIMPLE retirement accounts rises to $13,500

𝐓𝐡𝐞 𝐒𝐞𝐜𝐮𝐫𝐞 𝐀𝐜𝐭
While the SECURE Act contains 29 provisions aimed at helping Americans better save for retirement, here are a few highlights: • It offers tax incentives to small businesses to set up automatic enrollment in retirement plans
• It allows employers to join with other companies and offer joint-retirement plans, which should help keep costs down
• It allows many part-time workers to participate in employer-sponsored retirement plans
• It creates a new early withdrawal penalty tax exemption of up to $5,000 from an IRA to use for childcare costs
• It pushes back the Required Minimum Distribution Age from 70 ½ to 72
• It allows for the inclusion of more lifetime-income options, including annuities

𝐒𝐭𝐚𝐫𝐭 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝟐𝟎𝟐𝟎 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐍𝐨𝐰
Take a look at the @linkedin link in bio and learn more.

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𝐆𝐢𝐯𝐞 𝐮𝐬 𝐚 𝐬𝐡𝐨𝐮𝐭.⠀
𝐖𝐞 𝐰𝐨𝐮𝐥𝐝 𝐥𝐨𝐯𝐞 𝐭𝐨 𝐬𝐩𝐞𝐚𝐤 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮!⠀
(𝟔𝟏𝟒) 𝟒𝟎𝟖-𝟎𝟎𝟎𝟒

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