Taking personal responsibility in planning your financial future is more important than ever.
Thinking about opening or contributing to a Roth IRA? Learn more about the benefits of this type of retirement account and whether you may be eligible to contribute.
The key benefits of Roth IRAs include:
In 2018, an individual may contribute up to $5,500 to a Roth IRA (less any contribution made to a traditional IRA for that year). People 50 and over can contribute an additional $1,000 for a total of $6,500. This nondeductible contribution is available to single individuals with earned incomes and adjusted growth incomes (AGIs) of less than $120,000, or to married individuals filing joint returns with modified AGIs of less than $189,000. For single filers, the allowed contribution is phased out for AGIs between $120,000 and $135,000. For married individuals, the allowed contribution is phased out for AGIs between $189,000 and $199,000. No contribution is allowed if an individual is married and files separately, unless the AGI is less than $10,000.
Your financial advisor can answer any questions you may have about the features and benefits of IRAs and help determine which type may be appropriate for addressing your retirement needs.
Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While familiar with the tax provisions of the issues presented herein, Raymond James Financial Advisors are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.