Why Have A ROTH IRA And A 401k? | Personal Finance:
In this video, I'll discuss why have a ROTH IRA and a 401k? There are certain advantages to acquiring and building investments within a ROTH IRA - Opinion only not financial advice.
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What is a Roth IRA?
A Roth IRA is an Individual Retirement Account to which you contribute after-tax dollars. While there are no current-year tax benefits, your contributions and earnings can grow tax-free, and you can withdraw them tax-free and penalty-free after age 59½ and once the account has been open for five years.
Why consider a Roth IRA?
A Roth IRA can be a good savings option for those who expect to be in a higher tax bracket in the future, making tax-free withdrawals even more advantageous. However, there are income limitations to opening a Roth IRA, so not everyone will be eligible for this type of retirement account.
Am I eligible to open a Roth IRA?
Your eligibility to open a Roth IRA and how much you can contribute is determined by your Modified Adjusted Gross Income (MAGI). If you are a single or joint filer, your maximum contribution starts to reduce at $129,000 and $204,000 for the tax year 2022 and $138,000 and $218,000 for the tax year 2023, respectively.
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#rothira #personalfinance #401k
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