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As we approach the tax filing deadline, we want to remind you of the opportunity to maximize your retirement savings through contributions to your Individual Retirement Account (IRA) or Roth IRA.
As we approach the tax filing deadline, we want to remind you of the opportunity to maximize your retirement savings through contributions to your Individual Retirement Account (IRA) or Roth IRA.
Making contributions to these accounts not only helps you save for retirement but also offers various tax advantages.
If you are not sure if you qualify for IRA contributions ask your tax prepare or give us a call.
Here are some benefits of contributing to an IRA or Roth IRA:
Tax Advantages: Contributions to a traditional IRA may be tax-deductible, potentially lowering your taxable income for the year. Roth IRA contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free.
Retirement Savings Growth: Both IRA and Roth IRA accounts offer the potential for tax-deferred or tax-free growth, allowing your savings to compound over time.
Flexibility: IRAs offer flexibility in terms of contributions, allowing you to contribute up to the maximum allowable amount each year or make periodic contributions throughout the year.
For the tax year 2023, the maximum contribution limit for both traditional and Roth IRAs was $6,000, or $7,000 for those aged 50 and older who made catch-up contributions.
For the tax year 2024, the maximum contribution limits are $7,000 for those under age 50 and $8,000 for those age 50 or older.
You are able to make 2023 AND 2024 contribution from now until you file your taxes. We encourage you to take advantage of these retirement savings opportunities by making your contributions before the tax filing deadline.
If you have any questions or need assistance with your retirement planning, please don’t hesitate to contact us.
Thank you for entrusting us with your financial goals. We look forward to helping you achieve a secure and prosperous retirement.
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