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Rich Forever
Posted by: Junious Williams IV
Tags:
budget, Money Talk, Personal Finance, retirement, rich forever, roth ira
Posted date:
January 25, 2012 |
No comment
January 25, 2012
Rich Forever – Retire a Millionaire A Roth IRA is an independent retirement account that you pay into after taxes. The max annual contribution to a Roth IRA is $5,000. The earnings your investments received will not be taxed (i.e. capital gains, dividends, and interest). You cannot withdraw money from the IRA until you reach 59 ½ or else you will be penalized 10% and the remaining money will be taxed at your current tax rate (typically 30%). The beauty of the Roth IRA is that the money you are depositing now will grow tax free until you are 59 ½. At that point, all the money you withdraw...
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