At Fidelity, the investment juggernaut, Millennials are taking saving for retirement seriously. In fact, Fidelity says that Millennials [at Fidelity] opened 56% of new Roth IRA accounts in 2018 and 80% of their contribution dollars are going into Roths.
It’s no secret that Millennials face an uphill battle when it comes to saving for retirement. After all, over the past 30 years, the cost of a college education has increased nearlyBut at Fidelity, the investment juggernaut, Millennials are taking saving for retirement seriously. In fact, Fidelity says that “flexibility that Roth IRAs offer
However, you should note that this ONLY applies to contributions and not to any investment gains. In other words, if you deposited $4,000 into a new Roth IRA in 2017 and your balance is now $4,200 due to stock market gains, you can only withdraw your $4,000 contribution without a penalty. Another change that is likely to further fuel Millennials’ interest in Roth IRAs is the fact that the annual contribution limit for 2019 has increased to $6,000 from $5,500. Individuals that are at least 50 years old have the ability to contribute an additional $1,000 in catch-up contributions.
The income cutoff to be eligible to invest in a Roth IRA, based on modified adjusted gross income, or MAGI, has increased for 2019 to $137,000 for single filers and $203,000 for joint filers .
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Some of the Best Bars in New York City Aren’t Open to the PublicWine and spirits companies with New York offices have a secret weapon when courting clients: private bars.
Read more »
Bureau of Prisons Opens New Investigation Into Martin ShkreliThe U.S. Bureau of Prisons opened an investigation into pharmaceutical wunderkind Martin Shkreli’s behavior behind bars after The Wall Street Journal reported that he is largely running his former drug company from his prison cell via a contraband smartphone.
Read more »
Disney’s new ‘Star Wars’ attractions will open earlier than planned — but there’s a catchDisney has set the opening dates for the new 'Star Wars' attractions in Disneyland and Walt Disney World:
Read more »
House Democrats open new inquiry that could lay the groundwork for impeachmentHouse Democrats launched a sweeping investigation into whether Trump and administration officials have obstructed justice, abused their power or acted corruptly, a massive undertaking that could lay the groundwork for impeaching the president.
Read more »
Disney's new 'Star Wars' Galaxy's Edge theme park lands will open earlier than expectedThe Walt Disney Company announced Thursday that its new 'Star Wars' lands Galaxy's Edge will open on May 31 at its California park and on August 29 in Florida.
Read more »
New-home sales tick up in December as a tough 2018 limps to a closeSales of newly-constructed homes were higher in December, but for the full year were barely above 2017’s selling pace.
Read more »
North Carolina schedules new election for last undecided 2018 raceCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
Read more »
My fiancé’s father is custodian of his IRA — how can I get him to relinquish control?‘Do we have any recourse against my future father-in-law if he refuses to remove his custodianship?’
Read more »
Americans struggled to pay off credit-card debt at the end of 2018, and 37 million accounts were seriously delinquentAmericans struggled to pay of credit-card debt at the end of 2018, and 37 million accounts were seriously delinquent
Read more »
Can VR zombies give Las Vegas an edge with millennials?Virtual reality experiences and an esports arena may be a sign of the changing city, one interested in courting a new generation of visitors.
Read more »