By Brad Bobb via Iris.xyz
The end of the year is a great time to do a review of your finances. Things that tend to change at the beginning of each year are contribution limits and taxes. If retirement planning and financial stewardship is a priority to you, then doing an annual review is vital.
10 ways to save on taxes and expenses in 2019
The points below may help you save tax dollars in the coming year, and better prepare for retirement. As everyone’s financial situation is different, each point on the list isn’t going to apply to everyone but I am confident you can find a least a couple of ideas that you can apply.
1. Change your TSP contribution – Limits for 2019 are increased to $19,000, up from $18,500 in 2018. If you are contributing the maximum to TSP, you will want to calculate the dollar amount to contribute each pay period so you don’t overfund it before year end.
Are you getting a raise in 2019? If so, congratulations! Consider putting part of that raise into your TSP.
2. Sign up for the catch-up contribution – Employees that turn 50 or older in 2019 are eligible for the catch-up contribution. The catch-up contribution allows you to put an additional $6,000 in TSP, and it is something you must sign up for every year.
Click here to read more on Iris.