No Fee Roth IRA – What Are Income Limits?
No fee Roth IRA is an individual retirement plan allowing you to take advantage of retirement planning tax advantages apart from traditional employers’ sponsored 401K plans at no annual fee. Most Roth IRA account providers set a minimum account balance of $5,000 at which point they charge no annual fees for managing your retirement savings.
To qualify for no fee Roth IRA, individuals must meet both minimum and maximum income limits. In 2010 no fee Roth IRA income limits were established to not exceed $120,000 for single filers and $177,000 for married couples filing tax returns jointly. In order to qualify to open up a no fee Roth IRA one must earn a minimum or higher of their annual Roth IRA account contributions.
Under no fee Roth IRA rules there are no established age limits for contributions or mandatory withdrawals like in 401K accounts. This allows you to continue earning money even upon reaching the age of 70 ½. In addition, there are no penalties for withdrawing money out of Roth IRA’s within your principal contribution levels. However, if you are under the age of 59 ½ you must wait at least 5 years after having established your no fee Roth IRA to earn this right.
Another great advantage of establishing a Roth IRA account is an option of opening a self directed Roth IRA where you can choose other types of investments like real estate, mortgages, franchise and many more besides conventional stocks, mutual funds and options.
Retirement savings calculator is a great tool that will allow you to optimize your retirement earnings and decide which retirement plan fits your individual needs.