July 12, 2024

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Breaking news! The US Internal Revenue Service (IRS) increased annual contribution limits for Individual Retirement Accounts (IRAs). Americans can now save even more for the future with digital assets in a crypto IRA.

Cost-of-living Adjustments

Thanks to cost-of‑living increases, you may be able to put more funds aside for your golden years. Starting in 2023, the maximum amount for yearly IRA contributions will increase $500, from $6,000 to $6,500. The catch-up contribution limit for IRAs remains at $1,000 for those 50 years old and over.

Income ranges for traditional IRA deductible contributions, Roth IRA contributions, and Saver’s Credit (also called the Retirement Savings Contributions Credit) claims also increase next year. Traditional IRA contributions can be deducted if you meet certain conditions.

2023 Contribution Increases

Here are highlights of the 2023 contribution increases at a glance:

  • IRA contributions: $6,500 (previously $6,000)
  • 401(k), 403(b), most 457 plans, and Thrift Savings Plan contributions: $22,500 (previously $20,500)
  • 401(k), 403(b), most 457 plans, and Thrift Savings Plan catch-up contributions (age 50+): $7,500 (previously $6,500)
  • SIMPLE plan contributions: $15,500 (previously $14,000)
  • SIMPLE plan catch-up contributions (age 50+): $3,500 (previously $3,000)

IRA Contribution Deadlines

Now’s a good time to mark your calendar for IRA contribution deadlines. Americans can make IRA contributions until Tax Day (not December 31) for the year prior, and you can plan ahead to maximize your annual retirement investment every year. The next major Tax Day is April 18, so it’s not too late to modernize your portfolio with 2022 or 2023 contributions and save for retirement in a crypto IRA.

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