3 Things You Seriously Need to Know About Roth IRAs
Utilizing all the different retirement accounts available to you is one way to give yourself the best chance of being financially comfortable and living the life you envision in retirement. Most people are familiar with 401(k)s because they are offered as benefits by so many employers, but IRAs are also a great tool to use. Here are three things you seriously need to know about Roth IRAs.
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If you're eligible to contribute to a Roth IRA, you can route up to $6,000 a year into the account -- or $7,000 if you're 50 or older. Unfortunately, not everyone is eligible. If you're single and have a modified adjusted gross income of less than $129,000, you can contribute up to the limit. If you're married and file your taxes jointly, you must, as a couple, make less than $204,000 to contribute the full amount. Beyond those levels, the amount you can contribute scales down, and if your modified adjusted gross income is $144,000 or higher ($214,000 or higher if married and filing jointly), you can't contribute to a Roth IRA at all.
Source Fool.com
