Retirement

Do you know these IRA facts?

DATE | 03/25/22
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One of the benefits of an individual retirement account (IRA) is the “individual” part—you have some flexibility over how to manage your money.

Did you know:

  • You can contribute to as many IRA accounts as you want. However, the total you can deposit across all of your accounts is limited to the annual maximum of $6,000 ($7,000 if 50 or older) in 2022.
  • Age is no longer a limitation. Most anyone with earned income can contribute to a Traditional IRA, including minors. And the passage of the SECURE Act means most people can contribute to a Traditional IRA past age 70½ as long as they have earned income.
  • You don’t need to take RMDs from all of your IRAs. In most cases, you can choose to take it all from one IRA or from a combination of IRA accounts.
  • You can roll over old accounts into an IRA. If you have an old 403(b) or 401(k), you may be able to move that money into an IRA.
  • Member Benefits has expanded our IRA eligibility guidelines. If you live in one of the eligible states outside of Wisconsin, you and your family* may enjoy the benefits of saving with a WEA Member Benefits IRA.

P.S. The deadline for putting money into IRAs for this year is April 15, 2022. This includes both Roth and Traditional IRAs. If you didn’t max out your 2021 IRA contributions, now’s your chance. (Consult your personal advisor or attorney for advice specific to your unique circumstances before taking action.)

*To be eligible for this program, you must meet the IRS eligibility requirements for contributing to an IRA. Restrictions may apply. Certain state residency required. Your spouse/domestic partner, parents, parents-in-law, and children and their spouses may also participate in our IRA program if they live in one of the approved states.