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LEARN MORE ABOUT: IRA Accounts
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REVEALED: Best Gold Backed IRA
For many investors, a Roth IRA is an ideal investment vehicle to save for retirement. However, for those who earn too much to qualify for a traditional Roth IRA, a backdoor Roth IRA might be an attractive option. Backdoor Roth IRA contributions have gained popularity over the years since its establishment by Congress with the passage of the Tax Increase Prevention and Reconciliation Act of 2005. Let's delve into what a backdoor Roth IRA is and its benefits, and how you can use it to save for your retirement. First, a bit of background. Roth IRA contributions are made with after-tax dollars. Earnings and withdrawals are typically tax-free, provided certain requirements are met, such as being at least 59 1/2 years old and the account being open for at least five years.
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