Fund Your Roth IRA before Tax Day

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– Tax Day is Monday, April 18th
– Choose from a wide variety of investment products
– Refine your retirement strategy with innovative tools and calculators
– Take advantage of potential tax benefits

IRA contribution limits

Learn about income and contribution limits for contributing to traditional and Roth IRAs.

2021 and 2022 traditional & Roth IRA contribution limits

Total annual contributions to your traditional and Roth IRAs combined cannot exceed:

– 2021: $6,000, 2022: $6,000 (under age 50)
– 2021: $7,000, 2022: $7,000 (age 50 or older)

Roth IRA vs Traditional IRA

Contributing To My Roth IRA Vs. My Traditional IRA

Should I Contribute To My Roth IRA Vs. My Traditional IRA?

When saving for retirement, clients will often ask which account they should be making contributions to – a traditional IRA or a Roth IRA? The answer depends on several different factors that should be considered and discussed.

To assist in this conversation, we have prepared the “Should I Contribute To My Roth IRA Versus My Traditional IRA?” flowchart. This flowchart considers:

– Eligibility to deduct contributions to a traditional IRA
– Eligibility to make contributions to a Roth IRA
– Current tax rates vs. future tax rates
– Ability to max out the contributions
– RMD impact

Contributing To My Roth IRA

Can I Contribute To My Roth IRA?

A Roth IRA is a great option for clients looking to save after-tax dollars, offering the opportunity for tax-free growth and relaxed distribution rules. Unfortunately, eligibility to contribute to a Roth IRA is subject to restrictions, which can cause confusion.

To help make the analysis easier, we have created the “Can I Contribute To My Roth IRA” flowchart. It addresses the key eligibility considerations, including:

– Earned income
– Other (traditional) IRA contributions
– Filing status-based MAGI thresholds

Download our Roth IRA Checklist…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA