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3 weeks ago
do you invest a certain amount of money every year in your Roth IRA?
Best Answer
How much you invest is largely up to you. The max contribution is currently $5,000 provided you earned at least $5k and your adjusted gross income does not exceed $95,000. If you fall in that range, you can contribute between $0 and $5,000. If make a Roth IRA contribution this year, you are not obligated to make additional contributions. You can decide how much you add (if any) year to year. Though I encourage you to max out your contributions if you have that ability.Other Answers (4)
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Earnings on a ROTH IRA are not taxed. The funds you put in are funds that are %26quot;after taxes%26quot;.
If you%26#039;ve earned over $5,000 in 2008 %26amp; you%26#039;re under 49 years of age, you may contribute $5,000. 50 and over, $6,000.
Don%26#039;t use a bank or insurance company for a ROTH IRA. No load Mutual Funds %26amp;/or a discount broker like Charles Schwab or Fidelity Invevestments would be good choices.
Take advantage of this. It%26#039;s a great gift from the goverrnment to the future you! -
Very simple- the money you put into Roth IRA now is after the taxes are paid when you get a paycheck, when you are ready to take it out (when you retire) you do not pay taxes on it at all. It%26#039;s the opposite of the standard IRA.
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www.ira.com
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