3 Tips for Opening a Roth IRA

Whether you're middle-aged or a millennial, it's never too late--or too early--to start saving for retirement. Roth IRAs are an excellent way to begin doing this; however, if you are new to retirement planning, you might not know exactly where to start. RothIRA.com shares a few tips that might help you feel more prepared in your retirement planning journey.

1. Know your eligibility and contribution limits.

For Roth IRAs, eligibility figures for 2018 are $199,000+ per year for joint filers, and $135,000+ per year for single filers. For 2019, one cannot contribute more than $6,000, or $7,000 for those who are 50 years of age or older. Make sure you check for changes in these contribution limits each year.

2. Schedule your contributions. 

It's important to remember that you don't have to contribute a large sum of money every pay day. Even $25 every two weeks could help! RothIRA.com also shares that you can make an annual contribution if you prefer to. Speak to your bank to learn if you can set up transfers to your Roth IRA to make this process easier.

3. Check your account at least once a year.

It's important to check your account annually so that you can rebalance your portfolio if needed. Be mindful of that fact that the value of your investments might change over the year as the markets fluctuate.

RothIRA.com discusses more on how to open a Roth IRA. Remember that it's best to speak with a financial advisor in order to receive further advice. Overall, we think that a Roth IRA is a great first choice when it comes to saving for retirement!

Visit RothIRA.com for more information: https://ow.ly/WvLT30mM7Ss

?Will you be opening an IRA before the year ends? If so, which of these tips was most helpful to you? Share below!