Randy Eschels photo
Garett Eschels photo


Randy Eschels, CLU, ChFC, CFP®


Garett Eschels



Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009


Phone:  248-644-1144


Fax:      248-644-7820





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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Securities offered through Concourse Financial Group Securities, Inc. (CFGS), Member FINRA/SIPC. Advisory services offered through Concourse Financial Group Advisors, a DBA for CFGS, a Registered Investment Advisor. Eschels Financial Group, Inc. is independent of CFGS.
Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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