Question about contribution amounts?
For 2022 the total contributions amount you can make for this calendar year are $6,000 or $7,000 if you are over 50.
Can I have Multiple IRA’s?
It is not unusual for people to have more than one IRA. The most you can contribute to an IRA annually is $6,000 or $7,000 if you are over 50.
Korri is maxing out her annual contribution every year in her Icon Personal Retirement Plan offered through her employer. She is also holding an IRA account that has rollovers from a previous job. She can maintain her old IRA, and still max out her Icon plan.
What kind of tax-advantaged account is the Icon Personal Retirement Plan?
Your Icon retirement plan uses an Individual Retirement Account. We this type of plan because we don’t like the limitations, the complexities, and the high fees that come with 401k accounts. With an IRA we can easily optimize for your needs. You always have control over your plan, your investments are based on your preferences, and you never have to do a rollover or worry about a lost account.
Can I rollover old 401k plans into Icon?
Yes, for more information contact us.
Can I borrow from my Icon account?
You generally cannot take a loan from an IRA. You can make withdrawals to meet specific needs.
- A qualified first-home buyer distribution
- For higher education expenses
- If you become permanently disabled
- For the birth or adoption of a child