Make A Plan For A Successful Retirement

Start with an IRA as a complement to your retirement funds.

Experts recommend having 70% to 80% of your pre-retirement income available to maintain your current way of life. An IRA is an outstanding option if you’re looking for ways to supplement other retirement funds, such as social security or a 401(k). You can also reduce your tax burden today!

Contribute annually to an IRA.

Contributions to traditional and Roth IRAs can reach $6,000 for the 2022 tax year ($7,000 if you’re 50 or older), provided your taxable compensation for the year was more than this dollar limit. Remember, for 2022, and later, there is no longer an age limit on making regular contributions to traditional and Roth IRAs as long as you have earned income. To learn more about deduction limits, visit the IRS website.

A Roth IRA or 529 Education Plan can assist with other personal goals.

Roth IRAs offer dividends that grow tax-free, and a 529 Plan is a prepaid tuition strategy with the potential of much higher contribution limits. Both provide unique benefits depending on your needs.

The deadline to open an IRA for the 2022 tax year is Monday, April 18, 2023.

To learn more, please call us at 616.532.9067.

Source: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits.