Are you aware of the income thresholds for contributing to a Roth IRA? 🤔
Roth IRA Income Limits:
For single filers and head-of-household, the MAGI (Modified Adjusted Gross Income) range is $138,000 to $153,000. Within this range, you can make limited contributions to a Roth IRA.
Married couples filing jointly have an income phaseout range of $218,000 to $228,000. If your income exceeds these limits, direct contributions to a Roth IRA are not possible.
Explore Your Options:
Consult a financial advisor! Meeting with a financial advisor can help you navigate the complexities of retirement planning. They can tailor strategies to your unique situation, considering factors like income, goals, and risk tolerance.
Diversify Strategically: A serious consideration must be made towards the cost of your taxes in the future. It may make sense to rip the band-aid off quickly and tackle this risk! There are options beyond Roth IRAs, be sure to explore other tax-advantaged accounts.
Personalized holistic advice is key to any successful plan. Reach out to an advisor to discuss potential options and make the most of your hard-earned money! 💰💡
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Disclosures: Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional. See thrivent.com/social for important disclosures.