I recently continued to invest in Roth IRAs. Since I'm 59 years young I was able to invest $5,000.00 for tax year 2007 and $6,000.00 for tax year 2008. Money was invested in Morningstar 5* rated funds.
Contributions are made in after-tax dollars. No deductions allowed.
Withdrawals of contributions and earnings are income tax free if the account is held for 5 years and withdrawn due to:
attaining age 59 1/2
first time home purchase ($10,000 life time limit)
disability
death
Contributions may be withdrawn at anytime free of tax and penalty. Contribution limits for tax years 2009 and beyond will be adjusted according to inflation.
Tim
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