The 2019 inflation-indexed changes gave increases across-the-board for all retirement accounts, including workplace retirement plans and Individual Retirement Accounts (IRA). Here are the maximums you can contribute to your retirement accounts in 2019.
The DOL Fiduciary rule is now in force, but there is a loophole for commissioned advisers which can allow them to maintain their current compensation model. Make sure you understand the Best Interest Contract Exemption and the implications it has on potential conflicts of interest which could influence the investment advice you recieve.
Congress recently reversed rules which allowed states and cities to create Auto-IRA programs. Although I like the intent and am a big fan of encouraging retirement investment, the program wasn't ideal. A lack of ERISA protections, potential for poor management, and poor investment options all mean I won't mourn the death of the Auto-IRA.
Historically, there was a "three-legged stool" of retirement which provided Americans with a comfortable and safe retirement. The stool, however, has been eroded away, leaving many without sufficient income in retirement. Making small changes now can net a massive improvement in your lifestyle in retirement, and may provide you with the option to retire earlier or wealthier.
If you don't currently have a Roth IRA, open one today. Adding a Roth IRA to your retirement plan provides you with a wide variety of benefits, including tax diversification, access to early retirement, increased limit on retirement contributions, and greater control over your retirement investment options.
Health Savings Accounts, if you qualify for them, provide you with a wide variety of advantages, including: lowering your income taxes, providing tax-free growth for investments, allowing you to increase your retirement savings caps, and giving you greater flexibility for spending your 401k and IRA funds.