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These tips will help you max out your retirement contributions this year

As the calendar crosses the mid-year mark, are you on track to reach your retirement savings goals?

The IRS has raised the limits for what you can put away in pre-tax retirement savings account this year.

That means you can sock away as much as $19,000 in your 401(k), 403(b), Thrift Savings Plan and most 457 plans, up from $18,500 in 2018.

You can also save as much as $6,000 in an IRA, up from $5,500 in 2018.

If you’re age 50 and over, you can put in an additional $6,000 in your 401(k) and other employee plans and another $1,000 in your IRA.

Even if your personal savings will be nowhere near those limits, now is a great time to check on whether your savings rates will get you to your goals for this year and beyond.

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

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