It’s no secret that Millennials face an uphill battle when it comes to saving for retirement. After all, over the past 30 years, the cost of a college education has increased nearlyBut at Fidelity, the investment juggernaut, Millennials are taking saving for retirement seriously. In fact, Fidelity says that “flexibility that Roth IRAs offer
However, you should note that this ONLY applies to contributions and not to any investment gains. In other words, if you deposited $4,000 into a new Roth IRA in 2017 and your balance is now $4,200 due to stock market gains, you can only withdraw your $4,000 contribution without a penalty. Another change that is likely to further fuel Millennials’ interest in Roth IRAs is the fact that the annual contribution limit for 2019 has increased to $6,000 from $5,500. Individuals that are at least 50 years old have the ability to contribute an additional $1,000 in catch-up contributions.
The income cutoff to be eligible to invest in a Roth IRA, based on modified adjusted gross income, or MAGI, has increased for 2019 to $137,000 for single filers and $203,000 for joint filers .
Source: News Formal (newsformal.com)
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