Reginald Middleton

June 23, 2021

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What is a Roth IRA

WHAT IS A ROTH IRA?

A Roth IRA is a special retirement account where you pay taxes on money going into your account, and then all future withdrawals are tax-free.

Roth IRAs are best when you think your taxes will be higher in retirement than they are right now.

You can't contribute to a Roth IRA if you make too much money. In 2021, the limit for singles is $140,000. For married couples, the limit is $208,000.

The amount you can contribute changes periodically. In 2021, the contribution limit is $6,000 a year unless you are age 50 or older—in which case, you can deposit up to $7,000.

Contact me at [email protected], 856-248-0304, or wwwrjmadvisorsllc.com if you have any questions about the Roth IRA.