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Dianne Williams Wildt, MBA

Certified Retirement Counselor®

Since 1983 in the financial services and investment industry


Retirement Pathways, Inc.

4500 Bowling Blvd., Suite 100

Louisville, KY 40207


Phone:  502-797-1258


Email: dianne@retirementpathways.com

Website: www.retirementpathways.com

March/April 2023

Investing for Income

IRA on wooden blocks on the table with different color graphs

Income investing involves building a portfolio that produces enough profit to pay out a regular income. The success of this strategy depends on selecting investments that are likely to provide a steady stream of cash. Now that interest rates have increased, the yields on fixed income investments are climbing, too.

Max Out Your Plan Contributions
You may already be saving taxes if you contribute to your employer’s qualified retirement plan, such as a 401(k), 403(b), or 457 plan. The money you contribute is deducted from your paycheck pretax, which reduces your taxable income. For 2022, the contribution limit for these plans was $20,500, (increasing to $22,500 for 2023). Savers age 50 and older also were eligible to make a catch-up contribution of $6,500, ($7,500 in 2023). The deadline for employer plan contributions is December 31 each year.

A Look at the IRA Rules
If you meet the eligibility requirements, both you and your spouse can contribute to an IRA up until April 18, 2023, and deduct it on your 2022 tax return. For 2022, you can contribute $6,000 to a traditional IRA, increasing to $6,500 for 2023, plus an additional $1,000 if you’re age 50 or older.

Contributions Are Limited
Participants who are eligible to contribute to an employer’s 401(k) plan can make deductible traditional IRA contributions if their modified adjusted gross income (MAGI) is below $78,000 for singles and $129,000 for married couples. If you (and your spouse, if married) aren’t covered by a plan at work, you can deduct the full amount of your IRA contribution on your tax return. If one spouse is covered by a plan at work, the ability to deduct contributions to a traditional IRA phases out with income between $204,000 and $214,000.

An Added Layer
IRAs may offer a broader range of investments than an employer-sponsored retirement plan. Your financial professional can help you determine if an IRA is right for your personal situation.


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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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