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How can Roth IRA contributions raise your retirement savings?
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[QUOTE="Jasz, post: 275584, member: 61772"] [FONT=Verdana]The basics of how Roth IRAs work is that they offer tax-free growth, which means that you can invest your money in a Roth IRA and never pay taxes on it. In fact, if you're already making a lot of money and have the ability to contribute a lot of money to your retirement savings, then the Roth IRA may be the best option for you. The basic idea behind the Roth IRA is that you make contributions from your current income as long as you meet certain requirements. You can't contribute more than $5,500 per year until you reach age 50 (or $6,500 if you're 50 or older). This is because no matter what your income is at the time you make your first contribution, it will be considered an early withdrawal penalty. However, there's no income limit on contributions once you've met these requirements. Once you hit age 59 1/2, however, you'll need to start withdrawing funds from your account in order to avoid taxes and penalties on any earnings above $1 million.[/FONT] [/QUOTE]
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How can Roth IRA contributions raise your retirement savings?
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