What are the benefits of a Roth IRA?
An example of an AI chatbot conversation about the advantages of a Roth IRA.
What are the benefits of a Roth IRA?
A Roth IRA offers tax-free growth and tax-free withdrawals in retirement, among other benefits.
Can you explain how tax-free withdrawals work?
Sure! With a Roth IRA, you can withdraw your contributions anytime without penalties, and qualified earnings tax-free after age 59½.
What are the contribution limits for a Roth IRA?
For 2023, the contribution limit is $6,500, or $7,500 if you're age 50 or older.
Are there income limits for contributing to a Roth IRA?
Yes, there are income limits. For 2023, single filers must have a modified AGI below $153,000 to contribute.
What happens if I withdraw my earnings early?
If you withdraw earnings before age 59½, you may face taxes and a 10% penalty unless you qualify for an exception.
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