Rules for liquidating roth ira

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Contributions to a Roth IRA don't have to stop when you reach age 70½, the cut-off for a traditional IRA.

You can put money in your account for as many years as you want, as long as you have earned income that qualifies.

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Most owners of traditional IRAs and employer-sponsored retirement plan accounts (like 401(k)s and 403(b)s) must withdraw part of their tax-deferred savings each year, starting at age 70½.Roth IRAs have no RMDs during the owner's lifetime.The snowball effect that happens when your earnings generate even more earnings, not only on your original investments, but also on any interest, dividends, and capital gains that accumulate.A nonworking spouse may still be able to contribute to an IRA as long as that person is filing a joint tax return with a working spouse.These are known as "spousal IRAs."But the total amount contributed by A nonworking spouse may still be able to contribute to an IRA as long as that person is filing a joint tax return with a working spouse.

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