Hey ,
As the year 2023 comes to an end, we would like to remind you of some important deadlines and opportunities for your retirement savings.
If you have a traditional IRA or a Roth IRA, you can make contributions for 2023 until April 15, 2024. The maximum amount you can contribute is $6,500 or $7,500 if you are 50 or older.
You may be able to deduct some or all of your traditional IRA contributions from your taxable income, depending on your income level and whether you or your spouse are covered by a retirement plan at work.
Roth IRA contributions are not deductible, but they grow tax-free, and qualified withdrawals are tax-free.
If you have a 401(k), 403(b), or 457(b) plan through your employer, you can make contributions for 2023 until December 31, 2023. The maximum amount you can contribute is $22,500 or $30,000 if you are 50 or older.
These contributions are made with pre-tax dollars, which lowers your taxable income for the year. Some employers may also offer matching
contributions, which can boost your retirement savings even more.
If you are self-employed or own a small business, you may have other
options for retirement savings, such as a SEP IRA, a SIMPLE IRA, or a solo 401(k). These plans have different rules and deadlines, so please consult a tax professional like me for more information.
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