How Do You Know About Roth IRA Withdrawal Rules?
A Roth IRA is a great choice of investment vehicle towards saving for your retirement. The Roth IRA allows you to contribute up to $5,000 per year starting in 2008 ($6,000 if you are over 50), which will increase by about $500 per year with some adjustment for cost of living increases. If you have earned income each year, and you don’t make over the adjusted gross income limits, you’ll be able to make Roth IRA contributions each year. You can also select a wide variety of investments, such as mutual funds, stocks, bonds and certificates of deposit, to place your Roth IRA funds. Roth IRA’s do have some limitations on accessing your money if you need to withdraw it early. Here’s how to know what the Roth IRA withdraw rules are. Understand that you can withdraw your contributions at any time without a penalty. This means that whatever amount you contributed to the Roth IRA, you can withdraw. If you contributed $4,000 in 2006 and $4,000 in 2007, you could take out $8,000 in 2008 and there
