Market Downturn Strategies: Prepare Now

Here’s a⁤ breakdown of the information provided, focusing⁣ on key takeaways:

Roth IRA Contribution Limits ⁢(2025 – based on the ‍table)

If your Modified ⁣Adjusted Gross Income (MAGI) is‍ less than $150,000 (and you are⁢ filing separately and didn’t ⁢live with your spouse): You can contribute up to $7,000 (or $8,000 if ⁤you⁣ are age 50 or older).
If your MAGI is between $150,000 and $165,000: Your contribution amount begins to be phased out.
If your MAGI is $165,000 or more: You are ‍ineligible to contribute directly to a Roth IRA.2025 Contribution Limits for Other Retirement Accounts

401(k) or 403(b): $23,500. An additional “catch-up contribution” of $7,500 is allowed ⁢for those age 50 and older.
Traditional IRA: $7,000. An ‍additional catch-up contribution ‍of $1,000 is allowed for those age 50 and older.

Financial ⁣Advisors: Offer personalized advice but generally have higher fees.
* ⁤ robo-Advisors: Digital ⁤platforms using algorithms for investment management. They are cheaper and often⁣ suitable⁢ for new⁤ investors.