One of the most appealing rules for contributors to the Roth IRA is that there is no age limit.

In contrast to the traditional IRA that debars people over 70 ½ years to be contributors, there is no age limit restricting a contributor to the Roth IRA. Additionally the money invested in a Roth IRA can remain there as long as a person lives. The IRS does not require a minimum distribution from Roth IRA as it does with traditional IRA.

Any American who is paid wages, salary, tips, professional fees or bonuses, can be a contributor to the Roth IRA.
Those, aspiring for a Roth IRA account have time until the April tax-filing deadline to open one or can contribute to their existing account and have the money counted towards the previous year's limit. On missing the deadline, the money will count as a contribution towards the next filing season.

This entry was posted on Friday, April 22nd, 2011 at 8:57 am and is filed under IRA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.