How much money can I put in a Roth IRA?
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Roth IRAs or Roth Individual Retirement Accounts is an excellent step to securing the future retirement years. Roth IRA allows investments to multiply tax-free. While you can contribute to traditional IRAs, the account is tax-deferred; hence one of the best Financial Advisors in Los Angeles suggests opting for Roth IRAs.Most people are eligible to contribute up to $6000, which is the IRS limit in 2022. For individuals 50 years or older, the limit extends to $7000.Exceeding the Roth IRA contribution limits subjects to a 6% penalty on the said increase.
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Ronald Davis
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