A. The answer is yes, if you are one of the lucky ones.
Most people know these two things about Roth IRA:
a) Roth IRA is probably the best of all the retirement products due to its tax-free growth and distributions (yes, you do have to use after-tax money to fund it);
b) There is a contribution limit each year (if you can contribute to it at all - if you qualify), currently at $5,500 per year (catch up $1,000 allowed if you are age 50 or older by end of the calendar year).
However, do you know you can contribute almost additional $30,000 (give and take, see explanation below) to your Roth IRA each year, legally?
That will be like a windfall for the lucky people who can do it!
In our next two blog posts, we will explain where does the $30,000 number come from and how you can find if you are one of the lucky ones.