Hey kids! Ever heard of a Roth IRA? It's like a special savings account for your retirement! You put money in now, and it grows bigger without paying taxes later. It's a smart way to save for when you're all grown up.
- You put money in that's already been taxed.
- Your money grows without extra taxes.
- You can take it out tax-free after age 59 1/2, after having it for 5 years.
| Fact | Number |
|---|---|
| 2024 contribution limit | $7,000 ($8,000 if 50 or older) |
| Tax-free withdrawals after age | 59 1/2 |
| Minimum account age for tax-free withdrawals | 5 years |
