Picture this: you’re 65 years old, still working and have around $400,000 saved in a traditional IRA. You’re healthy, active ...

But because you don't get a tax break on your principal Roth IRA contributions, the IRS doesn't penalize you for taking that money out of your account before age 59 1/2. So here's how that might work.

It can break down as follows: $150,000 in cash contributions that you ... direct contribution to a Roth IRA. If you’re within the phase-out range, your direct contribution is limited.

Let’s go back to the tax-bracket model that we used above. Since you’re still working and earning $80,000, you might choose ...

Remember, though, that taking money out of your Roth IRA account, even without penalty, limits future growth potential in that account, and there could be additional tax implications. Inherited ...

Inheriting a Roth IRA avoids probate if the deceased listed ... If you fail to annually take enough money out of the account as the IRS requires, you could pay a penalty equivalent to 50% of ...

There are plenty of good reasons to love Roth IRAs for retirement savings. First, these accounts allow you to grow your money ...

Contributions begin phasing out above those amounts, and you can't put any money into a Roth IRA once your income reaches $165,000 if you are a single filer or $246,000 if married and filing ...

The key differences that make a Roth IRA stand out, however, include limits on who can contribute and the ability to withdraw your earnings in retirement tax-free (see our FAQs for more details).

"The money grows tax-deferred while it’s inside of the Roth IRA, but the great news about a Roth IRA is you never, ever pay any tax when you take it out, so it’s basically taxed once today and ...

Roth IRA contributions can be withdrawn anytime without taxes or penalties. Converted Roth IRA funds are tax- and penalty-free after five years from Jan. 1 of the year of the conversion.

That gives you more flexibility with your money. In this Reddit post, a 33-year-old asks if they should double max out a Roth IRA with $20,000 they have available. I think they should absolutely d ...