Am I Too Rich for a Roth IRA?
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The New Year begins, and already there’s so much to consider on the financial front!
On this week’s show we’ll discuss whether or not you could be “too rich” for a Roth IRA. Congress has set income limits on Roth contributions, and for those married filing jointly, no contributions are allowed for those with taxable incomes over $246,000 (for single filers, the amount is $165,000). While the income limits can be a source of frustration, there are many ways to circumvent these restrictions for those looking to invest in these accounts … and the ways to do so keep growing! Next, Heidi will discuss catch-up contributions for retirement accounts. While Congress has complicated these, the opportunities have been expanded to save for your retirement more aggressively. While we don’t often promote being aggressive, it could make sense in this case! We’ll have several examples for you of where this could make sense and how you might take advantage. And last, Beth Shier joins us with this week’s stats as well as some surprising information to help you keep your perspective.
Tune in and take control!