Top 3 Roth IRA Perks You Should Utilize for Financial Freedom in 2024

Unlock the Top 3 Benefits of Roth IRAs in 2024 for Retirement Success

You'll be glad you have a Roth IRA when retirement rolls around. Roth IRAs are one of the most coveted accounts on the retirement scene for several reasons. For starters, you contribute after-tax dollars to the account so that you can enjoy tax-free income during retirement. Since you're not required to withdraw money from the account during your lifetime, the money can keep growing, and you can pass it on to your heirs.

1. Take advantage of the highest contribution limits ever

• Big Contribution Limits: In 2024, you can funnel up to $7,000 into a Roth IRA, providing your income meets the requirements.
• Portfolio Growth: Maxing out contributions can lead to a substantial six-figure portfolio in just over a decade.

2. Invest in your favorite assets

• Investment Flexibility: Roth IRAs offer more investment options beyond what traditional retirement plans provide, letting you diversify your portfolio with various assets, including growth stocks and ETFs.

3. Snag a Saver's Credit

• Saver's Credit: You may be eligible for a nonrefundable Saver's Credit of up to $2,000, rewarding low-and-moderate income retirees for contributing to accounts like Roth IRAs.

If you qualify to make contributions to a Roth IRA and it makes sense for your portfolio, you want to do your research now so you can start taking advantage of the benefits. You may qualify for benefits right now, such as the Saver's Credit, or position yourself to get more tax-free income during retirement.