Don't Let the Income Limit Stop You From Taking Advantage of a Roth IRA
Roth IRAs are a great tool for saving and investing for retirement. They allow your money to grow with the ability of taking tax-free withdrawals in retirement, and that's a perk that can easily save you money.
They also come with more freedom than other accounts, like 401(k) plans, because you're essentially able to invest in any stock you choose, in a similar manner to a regular brokerage account. One of the Roth IRA's downsides, however, is its income limit for eligibility.
If you're eligible for a Roth IRA, you can contribute up to $6,000 a year into the account -- or $7,000 if you're 50 or older. Single people with a modified adjusted gross income (MAGI) of less than $129,000 can contribute the full amount. If you're married and filing jointly, you can contribute the full amount if your MAGI is less than $204,000.
Source Fool.com
