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Roth IRA

The Roth IRA has no age limit and features tax-free withdrawals for certain distributions after a five-year holding period. Roth IRA earnings are tax-free but contributions are nondeductible and taxed in the year they are earned. People who expect to be in a higher tax bracket after retirement may benefit more from this account than from a traditional IRA. There are two eligibility requirements for a Roth IRA: you or your spouse must have earned income and your modified adjusted gross income (MAGI) cannot exceed certain limits.


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