What is a Roth IRA and how does it work?
An example of an AI chatbot conversation about understanding Roth IRAs and their benefits.
What is a Roth IRA and how does it work?
A Roth IRA is a retirement savings account that allows you to invest after-tax income. Your money grows tax-free, and you can withdraw it tax-free in retirement.
What are the benefits of having a Roth IRA?
Some benefits include tax-free growth, tax-free withdrawals in retirement, and no required minimum distributions during your lifetime.
Are there any income limits for contributing to a Roth IRA?
Yes, there are income limits. For 2023, single filers can contribute if their modified adjusted gross income is below $138,000, and married couples filing jointly can contribute if their income is below $218,000.
Can I withdraw my contributions anytime?
Yes, you can withdraw your contributions at any time without penalty or taxes since you've already paid taxes on that money.
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