Doing so is a good way to prepare for your retirement
During the holidays, your wallet may feel like it’s shrinking, but if you find yourself with extra cash or generous monetary gifts this season, consider throwing it into your IRA.
IRA contribution limits are not nearly as high as 401 or 403 limits, which could make it feel a bit easier to max out. In 2022, the contribution limit for IRAs was $6,000 for people under age 50, or $7,000 for those age 50 and older. This limit applies to both traditional and Roth IRAs. As a refresher, traditional IRAs are contributed with pretax dollars, while Roth accounts use after-tax dollars, and both require contributions to be made with earned dollars .
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