Fidelity Roth IRA Review
When thinking about retirement savings, many people think of Fidelity. Here we will review with you what you will get from a Fidelity Roth IRA account.
A Fidelity Roth IRA offers you the chance to grow your money tax free. Withdrawals are also tax free. However there are income and eligibility requirements.
For most Fidelity Roth IRA accounts, the minimum deposit is $2,500. If you are 18 years old, you can open a Roth IRA account. There are no maintenance or set up fees associated with Fidelity Roth IRA’s.
If you have a 401k through your employer, you can contribute to both your 401k and a Fidelity Roth IRA. This is a good way to supplement an employer sponsored retirement plan.
The income limits for making a contribution to a Fidelity IRA account are:
- Single filers: Up to $105,00 for 2009 and 2010. For partial contributions in 2009 and 2010, the limits are $105,000-$120,000.
- Joint Filers: Up to $166,000 for 2009, and $167,000 for 2010. Partial contribution limits in 2009 are $166,000-$176,000, and $167,000-$177,000 in 2010.
The maximum annual contribution limits for 2009 and 2010 are $5,000 or 100% of employment compensation, whichever is less.
In the calendar year contributions are made, individuals 50 and older can contribute an additional $1,000 for catch up contributions. Contributions are not tax deductible. There is no mandatory age for withdrawals. Fidelity Roth IRA contributions can be withdrawn at any time without penalty.
If a Fidelity Roth IRA sounds like the right retirement option for you, you can open a Roth IRA account online. It will only take a few minutes. Opening a Roth IRA account is a step towards a great retirement. It is never too early to get started. Go online today and open your account. We hope this Fidelity Roth IRA review will help you make the right choice.