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The income phase-out range for single taxpayers making contributions to a traditional IRA is increased to between $73,000 and $83,000, up from between $68,000 and $78,000.
This limit applies to the total annual contributions to both Roth IRAs and traditional IRAs. For example, a person aged 45, who put $4,000 into a traditional IRA this year so far, can either put $2,000 more into this traditional IRA, or $2,000 in a Roth IRA, or some combination of those.
Continue reading → The post 2023 Retirement Contribution Limits appeared first on SmartAsset Blog. Funneling money into a tax-advantaged account, such as an IRA or a 401(k) is a must if you're ...
They come in several flavors, but the traditional IRA and Roth IRA are the most popular. The contribution limits are the same on both—up to $6,500 per year in 2023 for those under age 50.
The annual contribution limit for IRAs increased to $6,500, up from $6,000, an increase of 8.3%. Individuals 50 and over can save an additional $1,000 to IRAs, unchanged from last year.
Continue reading → The post Age Limits for IRA Contributions appeared first on SmartAsset Blog. Depending on which type of retirement account you have, your age may define both when you can ...