As 2014 begins, smart investors are looking for ways to get more from their investments. Looking at Roth IRAs for 2014 can open the door to huge potential for tax-free growth in your retirement savings. But many investors don't know what they should dp about Roth IRAs.
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at four key facts you should know about Roth IRAs for 2014. Dan notes that even though 2013 is over, you can still make a 2013 Roth IRA contribution any time before April 15 of this year. Dan also points out that contribution limits of $5,500 for those under 50 and $6,500 for those 50 or older have remained the same this year. But he also warns that not everyone will be allowed to contribute to a Roth IRA in 2014, with income limits of $114,000 for single filers and $181,000 for joint filers marking the beginning of phaseout provisions that reduce your allowable Roth IRA contribution. Dan concludes by discussing the advantages of owning priceline.com (NASDAQ:BKNG), Regeneron Pharmaceuticals (NASDAQ:REGN), and Wynn Resorts (NASDAQ:WYNN) in a Roth IRA, as those high-growth stocks have let investors maximize the tax-free benefits that these retirement accounts offer.
Save for retirement the best way you can
Roth IRAs can help you invest better. That's crucial, given how many investors stayed out of the market in recent years, missing out on huge gains and putting their financial futures in jeopardy. In our brand-new special report, "Your Essential Guide to Start Investing Today," The Motley Fool's personal-finance experts show you why investing is so important and what you need to do to get started. Click here to get your copy today -- it's absolutely free.