Retirement Accounts

More about Traditional IRAs

Traditional IRAs allow earning to grow tax-deferred. Contributions may be tax deductible depending on your income and participation in an employer-sponsored retirement plan. Taxes are not paid until distributions (withdrawals) are made. Distributions are taxed as ordinary income. In addition, you may be allowed to take penalty-free withdrawals to buy your first home and pay higher education expenses.

Traditional IRA Contribution Limits for 2022 & 2023

The deadline for contributions is the same as your tax filing deadline excluding extensions. For most individuals this is July 15.

Tax Year	Contribution Limit	Age 50+
2022	$6,000	$7,000
2023	$6,500	$7,500

More about Roth IRAs

Roth IRAs provide a non-deductible alternative to traditional retirement savings. Contributions are made with after-tax dollars, and earnings may be withdrawn tax- and penalty-free under a a variety of conditions after the account has been open five tax years which includes:

• When you reach age 59 and 1/2
• Become disabled
• Make a first-time home purchase
• Upon your death

Roth IRA Contribution Limits for 2022 & 2023

The deadline for contributions is the same as your tax filing deadline excluding extensions. For most individuals this is July 15.

Tax Year	Contribution Limit	Age 50+
2022	$6,000	$7,000
2023	$6,500	$7,500