Liz Bernhard

CFP®, MBA
Personal Finance, Retirement, Investing
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“With almost a decade of experience in the financial industry, Liz Bernhard provides financial planning and investment management guidance based on clients’ needs, goals, and risk preference.”
Firm:

Albion Financial Group

Job Title:

Senior Wealth Advisor

Biography:

Since joining Albion in 2009, Liz Bernhard has continued the tradition of collaborating with others on the Albion team on behalf of her clients.  She works diligently to understand the nuances of each issue her clients face in order to bring about the best possible solution.

Liz began her career at Albion as an Associate Wealth Advisor, where she learned the systems and procedures, and in 2011 transitioned to the role of Senior Wealth Advisor. Throughout her tenure, she has consistently demonstrated that she’s an eager and quick learner. Liz obtained her CFP® license to compliment her MBA from Westminster College.

Originally from Michigan, Liz moved to Utah after college to enjoy the skiing. After spending a few years working and skiing in Alta, she now skis as many weekends as her schedule will allow. Liz is well rounded in her extracurricular activities, enjoying the creativity of the kitchen as well as the pleasures of hiking and camping in the diverse environments of the great state of Utah.

Education:

MBA, Westminster College
BS, Economics, University of Colorado

Fee Structure:

Fee-Only

CRD Number:

6723664

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    Financial Planning, Retirement, 401(k), IRAs, Taxes
Can I contribute to a traditional IRA if I max out my 401(k)?

You can contribute to a traditional IRA even if you max out your 401k however your Modified Adjusted Gross Income (MAGI) will determine if the contribution is deductible.  The phase-out range for deducting IRA contributions for qualified plan participants is $101,000-$121,000 MAGI for married couples filing jointly (2018).  So, with a combined income of $115,000 it is possible that a portion of your traditional IRA contribution would not be deductible.  But, your wife can make a contribution to a spousal IRA based on your income.  The phase-out range for deducting IRA contributions for spouses of qualified plan participants is much higher, $189,000-$199,000 MAGI (2018).  So, your best best from a tax deferal standpoint is to max out your 401k and have your wife make a spousal IRA contribution.  She can contribute $5,500 for 2017 and 2018.  If she is over age 50 she can do an additional $1,000 for a total contribution of $6,500.

April 2018