IRA Contribution Limits for 2019 -- Good News for Savers!

TL;DR

IRS raises retirement account limits, Morningstar rates 529 plans, Americans feel economy's impact, crash test dummies adapt to human size.

Transcript

Alison Southwick: Hey, Bro, what's up? Robert Brokamp: Well, Alison, as I did last week I'm going to highlight three news items, this time, plus one weird fun fact, although this one is weirder and maybe a little sad. Are you ready? Southwick: Sad fact with Robert Brokamp. Brokamp: You've got that to look forward to. No. 1! The IRS announces the re... Read More

Key Insights

• 💾 Retirement account contribution limits have increased for 2019, providing opportunities for individuals to save more for the future.
• 👪 Reviewing ratings for 529 college savings plans can help families choose the most suitable option for their educational savings goals.
• 😮 Political beliefs and rising inflation can impact how Americans perceive their financial well-being despite overall economic growth.
• 🧑‍⚕️ Crash test dummies have adapted to reflect the larger size of the average human, emphasizing the importance of health and wellness in economic and safety considerations.

Questions & Answers

Q: What are the new retirement account contribution limits for 2019 announced by the IRS?

The IRS has raised IRA contributions to $6,000, with a $1,000 catch-up contribution for those 50 and older. For 401(k)s and similar plans, the limit is now $19,000 with a $6,000 catch-up.

Q: How are 529 college savings plans rated by Morningstar, and why is it important to review them?

Morningstar awards medals or ratings to 529 plans based on performance and other factors. Reviewing these ratings can help individuals choose the best plan for their college savings needs.

Q: Why do some Americans not feel the benefits of the strong economy, according to the Bankrate survey?

Factors such as rising inflation, uneven distribution of tax cuts, and political perspectives contribute to Americans feeling stagnant in their financial progress despite economic growth.

Q: How have crash test dummies evolved over time, and why is it important to understand the implications?

Crash test dummies have grown larger to reflect the increasing size of the average human, highlighting the impact of excess weight on safety and the economy, emphasizing the importance of health and wellness.

Summary & Key Takeaways

• IRS announces increased 2019 retirement account contribution limits for IRAs, 401(k)s, and more.

• Morningstar releases ratings for 529 college savings plans, highlighting top performers and options to consider.

• Bankrate survey reveals majority of Americans do not feel financial benefits from strong economy, influenced by politics and rising inflation.