💰 Roth IRA Rules You NEED to Know! 🚨

💰 Roth IRA Rules You NEED to Know! 🚨 A Roth IRA is one of the best ways to build tax-free wealth, but not everyone knows the rules! Here’s what you need to know before investing: ✅ 1. Tax-Free earnings & Withdrawals • You invest after-tax dollars, but your money grows TAX-FREE 🆓 • After age 59½, you can withdraw your earnings 100% tax-free (if account is 5+ years old). 💵 2. Contribution Limits (2024) • You can contribute up to $7,000/year ($8,000 if 50+ years old). • You can’t contribute if your income is too high (see #3). 🚨 3. Income Limits (2024) • Single: Full contribution if income is ≤ $146,000, reduced up to $161,000. • Married (Filing Jointly): Full contribution if income is ≤ $230,000, reduced up to $240,000. • Above the limit? Use a Backdoor Roth IRA strategy. ⏳ 4. You Can Withdraw Contributions Anytime • Unlike a 401(k), you can take out what you put in—penalty-free! • But if you withdraw earnings before age 59½, you may owe taxes & a 10% penalty. 📈 5. Invest Your Money! • A Roth IRA is NOT just a savings account—invest it in stocks, ETFs, or index funds! • Leaving it in cash won’t help it grow! 🔥 A Roth IRA is a powerful way to build wealth & pay ZERO taxes in retirement. Start today! 💬 Have a Roth IRA or thinking about opening one? Drop your questions below! ⬇️