A Roth IRA is a special individual retirement account (IRA) 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 marginal taxes will be higher in retirement than they are right now. Single filers can’t contribute to a Roth IRA if they earn more than $144,000 in 2022 ($153,000 in 2023). For married couples filing jointly, the limit is $214,000 ($228,000 in 2023). The deductible amount that you can contribute changes periodically. In 2022, 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. In 2023, the limit increases to $6,500 (plus the additional $1,000 for those 50 and older.) Almost all brokerage firms, both brick-and-mortar and online, offer a Roth IRA. So do most banks and investment companies. #rothira #ira #personalfinance #personalfinancetips #financebasics #InvestingBasics #investing101 #stockmarket #stocks #person
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)