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Retirement Plan and IRA contribution changes

The Internal Revenue Service has announced that the annual contribution limit increased for retirement savings plans to $19,000 ($25,000 if you’re age 50 or older) and for Individual Retirement Accounts (IRA) to $6,000 ($7,000 if you’re age 50 or older). This means you can save more toward your goals while potentially decreasing your taxable income.

If you’re not contributing near the maximum, consider increasing your contributions to take advantage of the new limits. Contributing even 1% more can help you make progress toward your goals.