3 IRA Mistakes to Avoid in 2023
As time moves on, it's easy to think that the rules around IRAs, or individual retirement accounts, stay the same. However, there are often changes to retirement account rules that can meaningfully impact your ability to maximize your long-term wealth. Staying on top of these rule changes -- as well as current events in the macroeconomic environment -- is key to a sustainable financial plan.
Below, I'll list three major mistakes investors are liable to make in 2023 and provide some guidance on how to avoid them.
In 2023, your total annual IRA contribution limit will increase from $6,000 to $6,500, the first such change since 2018. If you're over 50, you'll be able to contribute $7,500 through an additional $1,000 catch-up contribution. It may not seem like much, but it's an opportunity to further expand your tax-advantaged investment space, which, as you may know, is already quite limited.
Source Fool.com
