Q. Can I put more than $5,500 per year to Roth IRA?
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.
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.
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