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For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution.
(Single filers with incomes over $161,000 and married couples filing jointly with incomes over $240,000 in 2024 can’t contribute to a Roth IRA.) This conversion strategy is known as a backdoor ...
The maximum annual contribution to a 401(k) is $23,500 in 2025, and those aged 50 to 59 or 64 and older can add an additional $7,500 per year as a catch-up contribution.
Non-qualified withdrawals: If you withdraw money from a Roth IRA before meeting the qualifying criteria (before age 59½ and before the account has been open for at least five years), the earnings ...
The calendar year might be wrapping up, but you have extra time to maximize your Roth IRA contributions. You can make 2024 contributions until Tax Day in mid-April 2025, while you’ll have until ...
Some people in their 30s may not eligible for a Roth IRA due to income limits. (In 2024, the modified adjusted gross income limit is $146,000 for single filers and $230,000 for joint filers.)