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2022/2023 IRA Contribution Limits


For our members who contribute to an IRA or are considering opening an IRA, here is a reminder of the 2022 and 2023 contribution limits for Traditional and Roth IRA’s.  Please take note the limits are increasing for 2023.



Contribution Limit: $6,000.00

Catch-up Contribution Limit (age 50 and older): $7,000.00



Contribution Limit: $6,500

Catch-up Contribution Limit (age 50 and older): $7,500.00


When it comes to your IRA, we encourage you to contribute up to the contribution limit every year. However, you do not have to contribute the full amount. You may skip a year or just contribute a smaller amount if you need to. You can resume making contributions at any time, but you cannot catch up for the years that no contribution was made. If you’re considering starting an IRA keep in mind the differences and advantages of Traditional and Roth IRA’s.

With a Traditional IRA, contributions may be tax-deductible in the year you make them, depending on your income and participation in an employer-sponsored retirement plan, such as a 401(k).  When taking distributions keep in mind the money may be taxed at the time of withdrawal. Roth IRA contributions are not tax-deductible however withdrawals are tax free, subject to certain requirements, your age is at least 59 ½ and you have had your account for at least five years.


For more information on APCI Federal Credit Union IRAs, please call Al Kauffman, our Certified IRA expert at 800-821-5104 ext. 6840.

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