Team photo
Centuria Financial Group


David P. McCabe,


Financial Planner, Prudential Advisors


Jason M. Bowers,


Financial Planner, Prudential Advisors


Nathaniel D. High, RICP®

Financial Planner, Prudential Advisors


Nicholas Over

Financial Planner, Prudential Advisors


Melissa L. Lang

Client Relations Manager, Prudential Advisors


Centuria Financial Group

2333 Baltimore Blvd Suite B

Finksburg, MD 21048


Phone:  443-952-7232

March/April 2022

It's Not Too Late

Its Not Too Late

It isn’t often that we get to fix our mistakes, but here’s some good news. If you regret not adding more money to your retirement accounts last year, you can take advantage of a do-over. You have until the date 2021 tax returns are due — typically April 15 — to contribute to a traditional individual retirement account (IRA) and possibly qualify for a tax deduction on your 2021 return.

IRA Basics
An IRA is a tax-advantaged retirement account often used by individuals who are self-employed or who aren’t covered by an employer’s retirement plan. However, it can also be used to supplement retirement benefits received through an employer. To be eligible, you must have earned income that’s at least equal to the amount you contribute to the IRA.

Traditional or Roth?
With a traditional IRA, you may be able to contribute to the account with pretax dollars, reducing your taxable income by the amount of your contribution. Your savings accumulate tax deferred until you begin making withdrawals, generally at retirement. Then, you’ll pay taxes on withdrawals at your tax rate at that time. Withdrawals from a traditional IRA prior to age 59½ may result in a 10% early withdrawal penalty.

Contributions to a Roth IRA are made with after-tax dollars. However, withdrawals of earnings are tax free once certain conditions are met.

Contribution Limits
For the 2021 and 2022 tax years, the contribution limit for an IRA is $6,000. Individuals age 50 or older can make an additional catch-up contribution of $1,000, for a total of $7,000.

If you or your spouse is covered by a retirement plan at work or your income exceeds certain levels, the tax deduction may be limited. The IRS sets income thresholds that gradually phase out the tax advantages for wealthier taxpayers.

There are no age limits for making contributions to either a traditional or Roth IRA.

Finding the Funds
If you have stimulus money that you didn’t spend, consider using it to open a new IRA or add to an existing account. Your financial professional can help with the details.



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Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Melissa L. Lang is employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
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