Roth IRA

This retirement savings account is funded with after-tax contributions; assets grow tax-free.

• Contribute up to $6,000 in total among all your IRAs ($7,000 if you’re 50 or older) for tax years 2019 and 2020

• Contribute to a Roth IRA if your adjusted gross income (AGI) is below these limits:

  Tax year 2019: $193,000 if you file jointly, or $122,000 if you file as single. You can make a partial contribution if your AGI is under $203,000 (jointly) or $137,000 (single).

  Tax year 2020: $196,000 if you file jointly, or $124,000 if you file as single. You can make a partial contribution if your AGI is under $206,000 (jointly) or $139,000 (single).

• Withdraw earnings tax- and penalty-free starting at age 59½, if the account is opened at least five years

• Withdraw contributions tax- and penalty-free any time

• No required minimum distributions (RMDs)