Financial Matters: IRA contributions

PORTSMOUTH, Va. (WAVY) – If you’re saving for your retirement with an IRA, it’s important to know how to make the most out of your contributions. Stephanie Bard, Registered Associate with BayPort Financial, was on THRS to tell us how.

IRA Contributions
**Must have earned income
**Includes taxable alimony
**Nontaxable combat pay
**Royalty income-as long as still active in same profession
**For traditional IRA, must not turn 70.5 in the year of contribution.

QUESTION: Is there a limit to how much one can contribute?

ANSWER: Yes, the limit is $5,500/$6,500 if over 50

**Deadline for contributions for previous year is April 15.

**Make sure to let financial institution know what year contribution if for.

For more on saving for retirement, stop by any of the 16 BayPort Credit Union locations across Hampton Roads or click here to visit their website.

This segment of The Hampton Roads Show was sponsored by BayPort Credit Union.

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