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.

Image source: Getty Images.

Continue reading

Source Fool.com