How to Determine a Simple IRA Contribution Amount

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To determine the maximum simple IRA contribution amount, visit the IRS Web site, or ask the human resources department. Contribute as much as possible to an IRA for the best retirement with tips from a registered financial consultant in this free video on simple IRAs.

Part of the Video Series: Money Management & Personal Finance
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This is financial adviser Patrick Munro talking about how to determine a simple IRA contribution amount. An IRA contribution amount is determined by the IRS every year on a schedule that they put forward to the taxation system and you are allowed to contribute a certain amount. Not anymore, in fact there's a penalty if you do more. You can contribute less but you would not be maximizing the total overall available amount to you so we always encourage that you maximize your IRA contribution amount that is published for that specific year. If you at all can possibly do so, you'll enjoy a better retirement as a result. The IRA contributions can be best found on the web at irs.gov. They're there as a public service for you to look at and they're also available if you don't have web access from your human resources division of your employer. They too will tell you based on your pay grade how much your IRA contribution will be for that specific taxation year. This is Patrick Munro talking about IRA contribution amounts.

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