15 Steps to a Prosperous New Year
"What can I do now to get my finances in better shape for the rest of the year?"
That's a perennial New Year's resolution--and one that's easy to stick to. Here are 15 ways to improve your financial life in 2019, from making the most of tax breaks and protecting yourself from ID theft to making managing your money easier by automating financial tasks.
1. Save More in a Tax-Advantaged Account
You can contribute up to $19,000 to your 401(k), 403(b), 457 or the federal government's Thrift Savings Plan in 2019, a $500 increase over the 2018 limit. Plus, you can add an extra $6,000 if you're 50 or older. Even if you can't afford to max out your contributions, try to contribute at least enough to collect any match from your employer--that's free money--and boost your contributions if you get a raise in 2019. See 8 Steps for Your Annual 401(k) Checkup for more information about making the most of your 401(k) in 2019.
The contribution limits for IRAs also increased in 2019--for the first time since 2013--from $5,500 to $6,000. You can also sock away an extra $1,000 if you're 50 or older. You don't need to put the full amount in the IRA at one time. Instead, you can for more information about this year's contribution limits for retirement plans and the income limits to qualify for a Roth IRA.
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