2022-2023 IRA Contributions

Individual Retirement Arrangements (IRAs) are investment accounts that provide tax advantages for individuals who want to save for retirement. Contributions made to an IRA may be tax-deductible or made with after-tax dollars, depending on the type of IRA. The earnings on the investments in the IRA account grow tax-deferred until withdrawn in retirement. There are two main types of IRAs: Traditional and Roth.

2022 Contribution Limits

• Traditional IRA: The contribution limit is $6,000 for individuals under the age of 50, and $7,000 for individuals who are 50 years of age or older by the end of the year.
• Roth IRA: The contribution limit is also $6,000 for individuals under the age of 50, and $7,000 for individuals who are 50 years of age or older by the end of the year.

Note that these contribution limits are subject to income limits and other eligibility requirements, so it's important to consult with a financial advisor or tax professional before making contributions to an IRA.

2023 Contribution Limits

• Traditional IRA: The contribution limit is $6,500 for individuals under the age of 50, and $7,500 for individuals who are 50 years of age or older by the end of the year.
• Roth IRA: The contribution limit is also $6,500 for individuals under the age of 50, and $7,500 for individuals who are 50 years of age or older by the end of the year.