IRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022Click Here For More Retirement Planning Videos: https://bit.ly/3wH3mgbIRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022IRA and Roth IRA contribution limits have been released by the IRS and they look very similar to the IRA & Roth IRA Contribution limits for 2021. Unfortunately, because of how the IRS calculates the contribution increases for IRA's and Roth IRA's, in 2022 there will be NO increase from the 2021 IRA contribution limits. Below is the IRA Contribution limit and the Roth IRA Contribution limit for 2022:IRA Contribution Limit: $6,000 IRA Catch-up Limit: $1,000Roth IRA Contribution Limit: $6,000Roth IRA Catch-up Limit: $1,000Now, the IRA Contribution Limit and Roth IRA Contribution Limit might not have changed, but the income limits for contributions into IRA and Roth IRA's did increase from 2021 to 2022. Remember, you are only allowed to contribute to an IRA or Roth IRA if you make less than a certain amount of money. How you file taxes will determine your income limits for IRA and Roth IRA contributions. The new IRA Income limits for 2022 are below:Single File: $129,000Married Joint File: $204,000What might get lost in the IRA contribution conversation is your ability to contribute to a spousal IRA. A Spousal IRA gives a spouse who does not work or makes very little, the ability to contribute to an IRA or Roth. In order to do this the working spouse must have income below the $204,000 income limit and the contribution into the non working spouses IRA or Roth must be equal or less than what the working spouse actually earns. For example, if you are working and make $100,000 a year and contribute $6,000 into a Roth IRA you are allowed to contribute another $6,000 into a Roth IRA in your spouse's name. If you are both over 50, you get to add an additional $1,000 as a catch-up provision. Finally, don't forget the difference between an IRA and a Roth IRA. An IRA is pre-taxed. Meaning, the money you put in an IRA is NOT taxed on the way in, but it IS taxed on the way out. A Roth IRA on the other hand, is taxed on the way in BUT is NOT taxed on the way out. That is called post tax. Which is best for you? Well that is a financial decision based on your income, age, tax status, and how long you are going to work. Thank you so much for watching and reading IRA Contribution Limits 2022 & Roth IRA Contribution limits 2022. As always, if you have any questions, please contact us below. **Free Retirement Download: The Roadmap to Retirement:**https://yourfinancialekg.com/#download**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ****Visit our Website: https://pearlwealthgroup.com/ **Retirement & Financial Planning Resources:-Have You Ever Been Bitten by an Elephant?: The Definitive Guide for Retiring Well by David & Drew Blackston: https://amzn.to/3pnm62l-Common Sense Investing by Jack Bogle: https://amzn.to/3H1Gn3p-The Intelligent Investor by Benjamin Graham: https://amzn.to/3mpNDyd-The Blessed Life by Robert Morris: https://amzn.to/3Ehxq4f-Barrons Magazine: https://amzn.to/3FlfdEc-The Wall Street Journal: https://amzn.to/3eaydte**Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. Please call me at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.**Other videos you might like:Can I Retire at 55 with $2,000,000 : https://youtu.be/LJ6CHK7hAZk401k Contribution Limits for 2022: https://youtu.be/yDKOk-I8HL8How to calculate YOUR retirement income: https://youtu.be/jUQytd4qAjgAverage Retirement Savings Balance by Age & Race: https://youtu.be/ZS7UMVvWs9EPearl Wealth GroupDrew Blackston, CRC® & RFC®Office: 813-807-5060Info@pearlwealthgroup.comhttps://pearlwealthgroup.com/Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!Tools Used To Create Video:-TubeBuddy Keyword Research: https://www.tubebuddy.com/YourFinancialEKG#retirementplanning #retirement #yourfinancialekg