Your Money

Tax day is around the corner, and so is all the last-minute scrambling to fund retirement accounts before the deadline hits. If the stars align, there is a way to make $54,000 in IRA contributions before your taxes are due this year.

IRA contributions are still limited to the lesser of the IRA owner's earnings or the annual limit as determined by Congress. For 2022, the limit is $6,000 (+$1,000 if over 50). For 2023, that bumps to $6,500 (+$1,000 if over 50.) That extra $1,000 is called the "catch-up" contribution.

If married, don't forget about the spousal IRA, even if only one spouse has earned income. Same limits of $6,000 and $6,500 for 2022 and 2023, respectively, plus catch-up.

And remember the kids too. A parent or grandparent can make a deposit for the child as long as that child has legitimate taxable earned income.

The 2022 IRA funding deadline is April 18, and you can also contribute now for 2023. If you have earned income, are married, are over 50, and have two working children or grandchildren, you can add $54,000 in total to IRAs for this year and last.

Start Working Now on IRA and Roth IRA Contributions
by Kevin McKinley

Your Life

I grew up on a farm where my cousins and I regularly played outside with no shoes on. Apparently, that is now called “earthing” and comes with health benefits. There is a relationship between our bodies and the electrons in the earth. The planet has its own natural charge, and we seem to do better when we’re in direct contact with it. Also, walking in nature has added benefits, including clearing the mind and releasing endorphins. So, make sure the environment is safe for you to walk barefoot and kick your shoes off once in a while.

Kick Off Your Shoes: The Surprising MD-Approved Benefits Of Walking Barefoot
by Isaac Eliaz

Complexity Simplified

Trivia