Maxed Out Your IRA? Keep Saving for Retirement With This Underrated Account If You Can
IRAs are great places to stash your retirement savings because they're open to just about anyone, and they give you a lot of freedom to invest your money how you choose. But they have one major drawback: their low contribution limits. In 2023, you can only set aside up to $6,500 in one of these accounts if you're under 50 or $7,500 if you're 50 or older.
That might not be enough if you hope to save a large sum and lack access to a workplace retirement plan. But there might be another way for you to keep saving. However, not everyone qualifies for it.
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Source Fool.com
