Comments on: Can We Both Fully Fund Roth IRAs?

By: Day 24 of 33 Days And 33 Ways To Save Money And Reduce Debt: Roth IRA

Day 24 of 33 Days And 33 Ways To Save Money And Reduce Debt: Roth IRA — Wed, 03 Oct 2007 14:46:10 +0000

[...] balance will be over $315,000. Not bad. If you are thinking about retirement, and you are eligible to make contributions, may I suggest that you consider opening and fully-funding a Roth [...]

By: thomas

thomas — Thu, 12 Jul 2007 05:20:40 +0000

this is great information! i’ve been looking for a nice summary of what my wife and I are able to contribute. Now to fund both accounts to the max!

By: Anonymous

Anonymous — Tue, 10 Jul 2007 21:45:00 +0000

One error … as a married couple filing jointly, you can fully fund your IRAs if you have an AGI of $156,000 or less (in 2007) as mentioned in the article. Once your income exceeds $156,000, the amount you can contribute to your IRA decreases linearly with the amount you make over $156,000 (until $166,000 when you can contribute nothing). This means that if you make $161,000 (50% more than the $156,000 phase-out minimum) you can only contribute 50% of the 2007 $4000 limit (each). Hope this helps!

By: Kara

Kara — Mon, 25 Jun 2007 21:23:14 +0000

Thanks for all of the info!!!

By: Kara

Kara — Mon, 25 Jun 2007 21:15:28 +0000

Thanks for the info!!!