Financial planning, an outcropping of the services typically provided by a stock broker or account executive, include investment advice, insurance sales, retirement planning, and various other assessments and planning to meet financial goals.
Contribution limits for 401(k) plans have been increased to $17,500 and IRAs (both Roth & traditional) to $5,500 due to inflation. This is the first increase since 2008. Persons 50 and older can contribute an additional $1,000 to an IRA. If your earned income is between $178,001 and $188,000, your 2013 Roth IRA contribution limit phases out. Persons earning $188k or more cannot contribute to a Roth IRA but they can contribute to a non-deductible traditional IRA and later pay the taxes to convert to a Roth. For those over 50 years old contributing to a 401(k), the additional “catch-up” amount will remain $5,500, resulting in a maximum contribution of $22,500.
