BFG in the News: Victor answers a reader’s question about contributing to a Roth

Victor Cannillo, NAPFA-Registered Financial Advisor, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, “I’m 69.  How long can I contribute to a Roth?”, originally published on June 27, 2023.  

 A 30-second read by Victor Cannillo:  For 2023, the total contribution limit is $6,500 per year; $7,500 if you’re over 50. You can contribute to your Roth IRA in perpetuity as long as you’re still earning income. 

Social Security does not count as earned income.  The IRS describes earned income as “the taxable income and wages you get from working for someone else, yourself or from a business or farm you own.” Therefore, you would need to keep working to continue contributing. 

Read Karin Price Mueller’s article here. 

If you have any further questions, please reach out to your Baron Team.

Disclosure: This is a general communication being provided for informational purposes only. Past performance is no guarantee of future results. Every investment strategy has the potential for profit or loss. This material is not intended to be relied upon as a forecast, research, tax or investment advice.