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There is still time to fund your IRA for 2021!

February 3rd, 2022 | Written by

Your IRA is a great investment tool for your retirement. For 2021, you can contribute up to $6,000 into your IRA ($7,000 if you’re age 50 or older). If you haven’t filed your tax return yet, you can still make 2021 IRA contributions until April 18th, 2022.

Why should you maximize contributions?

Maximizing your contribution allows for the greatest growth of your investment. The example below illustrates how much your investment could grow over a 10 year period depending on your annual contribution.
IRA Investment Growth Chart

The above example assumes a 7% expected rate of return. Contributing $7,000 is only possible for those 50 and older.

Compared to someone who contributed $1,500, maximizing your contribution at $6,000 can give you up to $62,174 more in 10 years. Compared to someone who contributes $3,500, contributing an extra $2,500 annually can give you up to $34,541 more over a 10 year period.

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We’re here to help you prepare for a comfortable future. Please do not hesitate to reach out to us if you have any questions about funding your IRA. You can send us a note below or call us at (410) 363-7211.

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    This information is intended for educational purposes only. It is not intended to provide any investment advice or provide the basis for any investment decisions. You should consult your financial advisor prior to making any decision based on any specific information contained herein.

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    The Prosperity Consulting Group registered as a Registered Investment Advisor (RIA) in 2005. We have with a passion for providing clients with objective investment advice and wealth management solutions. Our purpose, coupled with our fiduciary commitment, is essential in helping clients achieve their financial goals. Our firm is dedicated to providing unparalleled financial planning and investment advice to individuals, families, businesses and institutions. We have identified key areas that are critical and integral to a client’s financial success. These planning areas encompass: Investment Planning & Management Retirement Planning Estate Planning Tax Planning Business Planning Insurance Planning Income Protection & Asset Preservation Education Planning 401(k) Planning
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