Roth IRAs provide significant advantages, including tax-free investment growth and withdrawals, but earnings limits restrict high-income individuals from directly contributing. However, there are strategies to bypass these limits. One option is to contribute to a traditional IRA and subsequently convert it to a Roth IRA. This requires careful tax consideration as conversions can impact your tax bill. Financial planning is essential to optimize the benefits of Roth accounts and navigate income restrictions effectively.
Earning too much will get you barred from funding a Roth IRA directly. But that doesn't mean you can't fund one indirectly.
With a Roth account, you get to enjoy tax-free gains on your investments and tax-free retirement withdrawals.
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