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How much can I contribute to my OregonSaves account?

The standard savings rate for an OregonSaves account is 5% of your gross pay, deducted on an after-tax basis. Standard choices also include a 1% annual increase in savings up to 10%, so if you start out at 5%, next year your savings rate will increase to 6%. You can change your savings rate at any time to as little as 1% or as much as you want, within IRS limits.1 You can also choose not to have your savings rate increase in any year.

To make a change to your contribution rate, log on to your account and click on the “Adjust Contribution Rate” option on the left hand menu. We’ll walk you through it step by step.

OregonSaves’ standard account is a Roth IRA, and you must contribute less than the annual Roth IRA contribution limits set by the federal government. Current limits are $5,500 per year for savers under age 50 and $6,500 for savers age 50 and older. These limits may change in future years. To determine how much money you can contribute into your retirement account you must figure out your Modified Adjusted Gross Income, or MAGI. To figure out this amount, check out the IRS Publication 590-A. Chapter 2 has a helpful worksheet to guide you: Worksheet 2-1 “Modified Adjusted Gross Income for Roth IRA Purposes”. You are encouraged to consult with your financial or tax advisor to assist with this determination.

Once you know your MAGI, you can figure out how much money you can potentially contribute to your retirement account. Contribution limits vary based on age and tax filing status. Please read the below scenarios to determine which applies to you:

Single Eligibility

I make less than $118,000.

  • If you are younger than 50, you can contribute the full contribution limit of $5,500.
  • If you are 50 and older, you can contribute the full contribution limit of $6,500.

I make more than $118,000, but less than $133,000.

  • You can submit a partial contribution using this equation:
    If you are younger than 50: ($133,000 – MAGI) ÷ $15,000 × $5,500 = Maximum amount you can contribute
    If you are 50 and older: ($133,000 – MAGI) ÷ $15,000 × $6,500 = Maximum amount you can contribute

Single Eligibility

Together, we make less than $186,000.

  • You can contribute the full contribution limit of $5,500 if you are younger than 50.
  • You can contribute the full contribution limit of $6,500 If you are 50 and older.

Together, we make more than $186,000, but less than $196,000.

  • You can submit a partial contribution using this equation:
    If you are younger than 50: ($196,000 – MAGI) ÷ $10,000 × $5,500 = Maximum amount you can contribute
    If you are 50 and older: ($196,000 – MAGI) ÷ $10,000 × $6,500 = Maximum amount you can contribute

You cannot contribute the full contribution limit.

I make less than $10,000.

  • You can submit a partial contribution using this equation:
    If you are younger than 50: ($10,000 – MAGI) ÷ $10,000 × $5,500 = Maximum amount you can contribute
    If you are 50 and older: ($10,000 – MAGI) ÷ $10,000 × $6,500 = Maximum amount you can contribute

1Please note that contributions are made post-tax, and your employer can’t deduct more than the amount of available compensation after they have made any other payroll deductions required by law that have higher preference.

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