IRA Contribution Limits
Every little bit counts!
For those of you who contribute to an IRA, we want to remind you of the contribution limits for Traditional and Roth IRAs. Your total contributions for the year cannot be more than:
- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
When it comes to your IRA, National Iron Bank encourages you to contribute up to the contribution limit every year. However, you don’t have to contribute the full amount. You may skip a year or even several years, if you need to. You can resume making contributions at any time, but you cannot catch up for the years that no contribution was made.
Even if you can contribute only $50 or $100 a month, it’s worth it. Thanks to compounding interest, even small monthly investments can grow to significant amounts over time. In the long run, what may seem like an insignificant monthly investment can turn into quite a bit of money.
Of course, the customer service associates at National Iron Bank are always here for you to answer any questions you may have about IRAs. If you have any questions, or would like to speak to an representative, please call 860-435-2581 or stop by one of our offices today.