Roth IRAs are powerful retirement saving vehicles. They allow you to save money on an after-tax basis during your working years and then take tax-free withdrawals at retirement as long as you’re at least 59-1/2 years old and opened the account at least five years prior. If your income is above a certain limit, then you’re prohibited from making contributions to these accounts — but Congress was nice enough to provide taxpayers with a loophole they can use to get around this rule.
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