Annual contribution limits for your combined IRAs are adjusted periodically by the IRS. You can contribute up to $5,500 ($6,500 if age 50 or older) in 2018 and $6,000 ($7,000 if age 50 or older) in 2019.
The sooner you start contributing to a Roth IRA* the better. The longer your contributions have to compound tax-deferred, the more your contributions may be worth in retirement.
Your contributions are available for withdrawal anytime but you may incur taxes and/or penalties if, for example, you are under age 59½ and have held the account for less than 5 years.
Once you reach age 59½ with an account that has been opened for at least five years, you may qualify for tax-free withdrawals of both Roth IRA contributions and any accumulated earnings.
Many people will realize more spendable income in retirement. Plus, there are no minimum distribution requirements.
*In order to contribute to a Roth IRA, single filers must have a modified adjusted gross income (MAGI) under $135k for tax year 2018 and $137k for tax year 2019. Married couples filing jointly must have a MAGI under $199k for tax year 2018 and $203k for tax year 2019.
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You need to maximize your return potential, so we work to keep our fees competitive. That's why our solutions include no-load mutual funds with low expense ratios. Keep in mind that a Roth IRA may be subject to an annual fee, and a fee may be assessed when a Roth IRA is closed. Here's more information on fees.
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