2023 IRA Contribution Limit Increase!

The limit on Individual Retirement Accounts (IRAs) has been increased for the 2023 tax year. Traditional and Roth IRA contributors can now contribute up to $6,500 in 2023, an additional $500 from the previous $6,000 limit. If the contributor is age 50 or older, they are also eligible for a catch-up contribution in an amount not to exceed $1,000. This catchup amount limit ha s remained the same. The goal of a comfortable retirement begins with a small step. Let us help you get walking in the right direction! You control the amount and frequency of your contributions, with no minimum balance required. You can even automate the process with payroll deduction! If you currently have an IRA with ONE, or are interested in starting one, please contact us for more information!