How do I choose the right IRA for my retirement?

How do I choose the right IRA for my retirement?

Choosing the right IRA depends on your financial goals, tax situation, and investment preferences. Are you looking for a Traditional IRA or a Roth IRA?

What's the difference between a Traditional IRA and a Roth IRA?

A Traditional IRA allows you to deduct contributions from your taxable income, while a Roth IRA offers tax-free withdrawals in retirement. Which one aligns better with your financial strategy?

I think a Roth IRA might be better for me. What are the contribution limits?

For 2023, the contribution limit for a Roth IRA is $6,500, or $7,500 if you're age 50 or older. Do you want to know about income limits for contributions?

Yes, what are the income limits for contributing to a Roth IRA?

For 2023, if you're single, the ability to contribute phases out between $138,000 and $153,000. For married couples filing jointly, it phases out between $218,000 and $228,000.