Setting aside money for investment in an IRA is a great way to prepare for retirement, but the IRS sets a maximum contribution limit each year: The maximum you can contribute to a Roth IRA is $7,000 in 2024 and 2025 ($8,000 if age 50 and older). If that's your goal, and you'...
If you're at least age 50 at the end of the calendar year, you can add a catch-up contribution of $7,500 (or $11,250 if age 60–63) pre-tax. Because of the gender pay gap, women are often earning less—so basing contributions on a percentage of earnings means contributions coul...
While a Roth IRA contribution won't get you an immediate tax break, the earnings in the account will grow without tax and you could qualify for tax-free distributions in retirement. "It's beneficial to utilize the Roth account when your earnings are very low and the tax deduction is not ...
Catch-Up Contribution Limits If you are over the age of 50, you can contribute more than $20,500 if you qualify for catch-up contributions, which help you save faster for retirement. You can make up to $6,500 in additional catch-up contributions to TSPs for 2022 for a total of $27...