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How Married Folks Over 50 Should Invest $15,000 Next Year
The government recently raised how much we retirement savers are allowed to invest tax-free in our retirement accounts.
For the past several years, I have taken the much-given advice to take away the thinking and doing when it comes to investing in my own IRA, so I now fund my own IRA the Lazy Way.
As a fifty-plus-year-old with a fifty-plus-year-old wife who I invest on behalf of, I feel as if the government is telling me that I must invest at least $15,000 next year, with $7,500 going into each of our Roth IRA accounts.
If you have not already heard or read, the IRS is raising the contribution limit for 401(k) plans to $22,500 in 2023, up from $20,500, and catch-up deposits for savers age 50 and older will jump to $7,500, up from $6,500. The new amounts also apply to 403(b) plans, most 457 plans, and Thrift Savings Plans.
The agency has also increased contribution limits for IRAs, allowing investors to save $6,500 in 2023, up…
