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As we begin the second quarter of 2023, it’s important to take a look back at the performance of your Roth IRA in the first quarter. Overall, the first quarter of 2023 was positive for the stock market, with many indices reaching all-time highs. This means that if you invested in stocks within your Roth IRA, you likely saw gains in your account.

However, it’s important to assess your overall investment strategy and ensure you are staying diversified. While stocks may have performed well in the first quarter, other asset classes may have had different outcomes. As such, it’s important to have a well-rounded portfolio that includes a mix of stocks, bonds, and other investment vehicles.

Additionally, the first quarter of 2023 saw some changes to the rules governing Roth IRAs. The SECURE Act was passed at the end of 2022, and some of its provisions went into effect in the first quarter of 2023. One of the most significant changes is the elimination of the age limit for making contributions to a traditional IRA. This means that individuals over the age of 70 ½ can now contribute to a traditional IRA if they have earned income.

Another change established by the SECURE Act is the ability for long-term, part-time workers to participate in 401(k) plans. Previously, employers could require employees to work a certain number of hours per week or year to be eligible for a 401(k) plan. Now, employers must allow for participation from employees who have worked for the company for at least three consecutive years and have worked at least 500 hours per year.

If you haven’t reviewed your Roth IRA allocation and investment strategy lately, now is a good time to do so. Make sure your portfolio is diversified and aligned with your long-term goals. Additionally, keep up with any changes to the rules governing Roth IRAs and other retirement accounts to ensure you are taking advantage of all available opportunities.

Overall, the Roth IRA 1st quarter update brings positive news for investors, but it’s important to remain vigilant and proactive in managing your investments. By doing so, you can continue to build a secure financial future for yourself and your loved ones.