A Roth IRA is an individual retirement account that allows individuals to save more for retirement tax-free!
- After-tax contributions (already paid taxes on whatever goes in)
- Grows tax-free
- Withdrawals are tax-free as well
- Participants can contribute up to $6,000/ year or $7,000/ year if over age 50
- Anyone can participate as this is an individual account
Roth IRAs can be a great after-tax savings account for people, however, you cannot contribute to a Roth if you make too much money. As of 2021, the limit for singles is $140,000 and for married couples is $208,000 of income.
To find out if a Roth IRA is the best fit for you and compare investments, fees, etc., please reach out to us to make an appointment!