Automatic Roth IRA

An automatic Roth IRA automatically transfers money from your paycheck into your IRA. You can choose to make bi-weekly or monthly transfers. Roth IRAs allow you to avoid paying taxes when you withdraw money from the account during retirement, if certain requirements are met. However, the money put into a Roth IRA account is already taxed. Roth IRAs are subject to adjusted gross limitations (AGIs), which means that an individual or a married couple cannot contribute to a Roth IRA if their income exceeds a certain limit. For 2023, individuals or heads of households can make a full contribution to their Roth IRA if their income does not exceed $138,000.