You have until April 18th, 2023 to contribute to an IRA for the 2022 tax year.
There are two primary reasons to invest in an Individual Retirement Account (IRA): to save for a secure future and gain potential tax savings today.
Consider this: experts say you’ll need 70 to 80 percent of your pre-retirement income to maintain your current lifestyle — and most of us will need to rely on more than one income source to reach this amount.
An IRA can make the difference between getting by and thriving in your golden years.
By investing today, you’re building a secret nest egg. But early preparation is key — the sooner you start, the more you’ll benefit from the compounding of interest.
Contribute annually to an IRA. You have flexibility in how much to invest!
- Contributions to traditional and Roth IRAs can reach $6,000 for the 2022 tax year ($7,000 if you’re 50 or older), provided your taxable compensation for the year was more than this dollar limit.
Not only will you set extra money aside for retirement, but you can also reduce your tax burden! Ask your tax advisor how a contribution today can positively impact your tax situation.
Open your IRA today!
The deadline to open an IRA for the 2022 tax year is Monday, April 18, 2023. To get started, click here or call either of our branch locations.
Gibbstown Branch: 856-423-1469
Pureland Branch: 856-975-5814