Calculate Roth IRA retirement savings and growth
A Roth IRA is an individual retirement account in the United States that allows you to save for retirement with after-tax dollars. The main advantage is that your investment grows tax-free, and qualifying withdrawals in retirement are completely tax-free.
Traditional IRA contributions are often tax-deductible in the year they are made, but you pay taxes on withdrawals in retirement. Roth IRA contributions are made with after-tax money, meaning there is no immediate tax break, but withdrawals in retirement are tax-free.
To contribute, you must have earned income (wages, salary) and your Modified Adjusted Gross Income (MAGI) must be below specific income limits set by the IRS, which are adjusted annually.
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