Ask Terry Questions IRAs for teacher

IRAs for teacher

By Terry Savage on March 21, 2024 | Financial Planning / Retirement

Can a teacher in llinois open a Roth or Traditional IRA since they are part of the Illinois Teachers Pension?

Terry Says

You can still open a Roth IRA, provided you meet the income requirements.
For 2024, the income limit for contributing the maximum to a Roth IRA depends on your filing status. For singles, the limit is $138,000 in 2023 and $146,000 in 2024. For married filing jointly, the limit is $218,000 in 2023 and $230,000 in 2024. If you earn more than $145,000 in the prior calendar year, all catch-up contributions at age 50 or older will need to be made to a Roth account in after-tax dollars starting in 20241. The Roth IRA contribution limit for 2024 is $7,000.

Recent Financial Planning / Retirement Questions



a personal
finance question