Your IRA is a great investment tool for your retirement. For 2018, you can contribute up to $5,500 into your IRA ($6,500 if you’re age 50 or older)*. If you haven’t filed your tax return yet, you can still make 2018 IRA contributions until April 15th, 2019.
Why should you maximize contributions?
Maximizing your contribution allows for the greatest growth of your investment. The example below illustrates how much your investment could grow over a 10 year period depending on your annual contribution.
Compared to someone who contributed $1,500, maximizing your contribution at $5,500 can give you up to $59,135 more in 10 years. Compared to someone who contributes $3,500, contributing an extra $2,000 annually can give you up to $29,567 more over a 10 year period.
We’re here to help you prepare for a comfortable future. Please do not hesitate to reach out to us if you have any questions about funding your IRA. You can send us a note below or call us at (410) 363-7211.
* You or your spouse must have earned income to contribute to an IRA
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