Frequently Asked Questions
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. More?
Why would I want a Roth IRA?
Roth IRAs are best when you think your taxes will be higher in retirement than they are right now. They can be especially good for young savers or in years when you don?t have much other income. More?
Who quali?es for a Roth IRA?
You can?t contribute to a Roth IRA if you make too much money. For singles, this starts at $118,000. For married couples, it is $184,000. More?
How much can I contribute?
Generally $5,500 a year unless you are over 50 in which case it goes up to $6,500. More?
Where should I open a Roth IRA?
Almost all brokerage ?rms will offer a Roth IRA. You should consider a brokerage like Fidelity or E*Trade that offer low-cost funds. ?Lifecycle? funds that automatically rebalance and adjust over time are especially good for Roth IRAs. More?