Watch This If You Invest Inside a ROTH IRA #rothira
On January 2023 the government will be increasing the contribution limit of the roth ira from $6000 dollars to $6500 dollars.
This is a huge deal and this is what it means for you
A roth ira is a special tax-advantaged retirement account where you can invest up to $6000 dollars of after-tax money each year.
The biggest benefit of a roth ira is that your contributions and your earnings on those contribution can grow tax free and be withdrawn tax free after age 59.5. In other words, you pay taxes on the money going into your roth ira, and then all future withdrawals are tax free.
The big news here is that starting in 2023, the contribution limit will be pushed up $500 dollars to $6500 a year.
Will you be maxing out your roth ira next year?
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Do you know if they have increased the maximum limit of income you make? I file jointly and wanted to know what is the max my husband and I can make and still contribute. Thx!
Thank you for the update!!