Attention ALL Roth IRA fans…
Money grows tax deferred and comes out tax free while not subject to required minimum distributions
2023 may be your best chance to invest in a Roth IRA. As most of you know money grows tax-deferred and is withdrawn tax free and are not subject to required minimum distributions beginning at age 72.
HOWEVER, your contributions are limited to the amount of money that you EARN. If you make too much you are not eligible to contribute to a Roth IRA.
For 2023, the IRS has increased the income levels for contributions for this retirement savings vehicle.
The income phases out range has been increased to between $138,000-$153,000 for individuals filing single and $218,000-$228,000 for married couples filing jointly.
The annual limit on contributions for IRAs have increased to $6,500 and $7,500 depending upon age.
As tax rates are uncertain in the future this could be a great way to bubble wrap a portion of your retirement assets!
Why you SHOULD invest in a Roth IRA TODAY
Corey Shevlin
Corey serves as an investment adviser representative and handles the investment related administration for The Lynch Financial Group. He currently holds his Series 65, Life and Health Insurance licenses. He attended the University of Delaware and graduated with a Bachelor’s degree in Political Science and Criminal Justice in 2019.