3 Reasons You'll Be Thankful You Used a Roth IRA

Retirement accounts can work wonders when it comes to long-term saving and investing. No single retirement account is exactly the same, but they each come with various perks. One of those accounts is a Roth IRA -- and when used properly, it can be a great source of income in retirement. If you haven't opened a Roth IRA, you should. Here are three reasons you'll be thankful you did.

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For 2022, the maximum contribution to a Roth IRA is $6,000 ($7,000 if you're 50 or older). However, unlike a 401(k) or traditional IRA, not everyone will be eligible to contribute to a Roth IRA because of its income limit. If you're single and have a modified adjusted gross income of less than $129,000, you can contribute up to the max. Married couples filing jointly must make less than $204,000 to contribute up to the max.

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Source Fool.com