[Chorus] If you believe in forever, Then life is just a one-night stand. If there's a rock and roll heaven, Well you know they've got a hell of a band, band, band. Jimmy gave us rainbows, And Janis took a piece of our hearts, And Otis brought us all to the dock of a bay. Sing a song to light my fire, Remember Jim that way, They've all found another place, another place to play.
A Roth IRA is an individual retirement account to which you contribute after-tax dollars. Contributions and earnings can grow tax-free, and you can withdraw them tax-free after age 59Â½. Depending on your situation, a Roth IRA can be more flexible than a 401(k) or Traditional IRA.
Contributions to a Roth IRA are not tax-deductible, but funds in a Roth IRA grow tax-free, and qualified withdrawals are free from federal income taxes. Any taxpayer who has earned income, and who is younger than 70-1/2 years old as of the end of the tax year, can set up and contribute to a traditional IRA.Taxpayers may not make additional contributions to a traditional IRA once they reach 70-1/2 years.Any taxpayer of any age with earned income may set up and contribute to a Roth IRA. The IRS may reduce or eliminate individuals' contributions to a Roth IRA, based on amount of compensation they earn during the tax year.Amounts may vary from year-to-year based on current tax regulations.ny taxpayer of any age with earned income may set up and contribute to a Roth IRA. The IRS may reduce or eliminate individuals' contributions to a Roth IRA, based on amount of compensation they earn during the tax year. Amounts may vary from year-to-year based on current tax regulations.