2022 & 2023 Roth IRA Basics, In a Question & Answer Format

This article has been updated for the 2022 and 2023 calendar years. Roth IRAs have become quite popular among the millennial generation (and beyond) and can be a great addition to your retirement savings arsenal. But Roths bring a lot of questions with them, so I wanted to create a question and answer style article to address the most popular questions and basics.

This post covers the 2022 & 2023 tax years. Even if you are past a calendar year, it may still not be too late to contribute to IRAs (more on that below). And if you are interested in Roths, in general, check out my Roth 401K basics overview as well.

What is a Roth IRA?

A Roth IRA is a tax-advantaged individual retirement account (individual retirement arrangement, according to the IRS). They were first allowed in 1998 and have grown very popular, particularly among younger investors, due to their promised future tax benefits. Roths are not an investment, rather they are a type of investment account that allows you to…

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This article was written by G.E. Miller and originally published on 20somethingfinance.com