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Individual Retirement Accounts (IRAs)

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Types of Individual Retirement Accounts (IRAs)

Traditional IRAs

Traditional IRAs

Tax-deductible contributions, taxes paid on withdrawal.

Roth IRAs

Roth IRAs

Contributions made with after-tax dollars, tax-free withdrawals in retirement.

Contribution Limits for 2025

 
Type of IRA 2024 2025
Roth IRA Contribution Limit $7,000 $7,000
Roth IRA Contribution Limit Age 50 or Over $8,000 $8,000
Traditional IRA Contribution Limit $7,000 $7,000
Traditional IRA Contribution Limit Age 50 or Over $8,000 $8,000
Roth IRA Income Limits for Single Filers $146,000 - $161,000 $150,000 - $165,000
Roth IRA Income Limits for Married Filers $230,000 - $240,000 $236,000 - $246,000
Traditional IRA Income Limits for Single Filers with Employer Retirement Plan $77,000 - $87,000 $79,000 - $89,000
Traditional IRA Income Limits for Married Filers and Both Spouses with Employer Retirement Plan $123,000 - $143,000 $126,000 - $146,000
Traditional IRA Income Limits for Married Filers and One Spouse with Employer Retirement Plan $230,000 - $240,000 $236,000 - $246,000

Benefits of IRAs:

  • Tax advantages
  • Retirement savings growth
  • Flexibility in investment options
  • Potential employer matching (if applicable)

Ready to Take the Next Step?

Lets help you build a retirement strategy that works for you and your future. Contact us today to explore Individual Retirement Account (IRA) options tailored to your goals.

 

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