The maximum contribution for 2023 individual retirement account contributions is $6,500 ($7,500 if aged 50 and over). There are income limits that determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth IRA contribution.
With the SECURE Act 2.0 delaying Required Minimum Distributions to age 73, and higher marginal brackets a likely reality in the near future, annual income tax planning has become even more important.
Choosing to save into a Roth IRA or traditional IRA is one of the more daunting retirement savings decisions most people face, but it doesn’t have to be.
When the time has arrived where a conversation includes both taxes and Medicare, often there are more exciting items to plan for such as visiting family, traveling, golfing, or diving into a life-long hobby you’ve always been interested in. Although those other interests often take precedence, it is important to understand the correlation between income taxes and Medicare premiums as there are a few planning considerations related to the Medicare Income-Related Monthly Adjustment Amount (“IRMAA”). IRMAA is an additional surcharge for Medicare that is payable based on your income level.
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