So, if you’re a person below those income levels

So, if you’re a person below those income levels – and about 90% of Americans are below that level – you don’t need to worry about a “backdoor” Roth IRA at all. You can just contribute normally without worrying about it. The “backdoor Roth IRA” only matters to people earning above the income cap for a Roth IRA – about 10% of Americans. If you’re not in that 10% group, don’t worry about it at all! You can stop right here and move on to something else, unless you’re just feeding your curiosity.

So, what can the remaining 10% of people do? They have the option oBig Boss vote

So, if you put in a bunch of money in your 20s or 30s

So, if you put in a bunch of money in your 20s or 30s and just let it sit there until you’re 65, it’s likely tripled or quadrupled in value and you can withdraw all of it without paying taxes on it. Talk about an efficient way to supplement Social Security!

That’s why a lot of people want to contribute to a Roth IRA – it’s a really great way to save for retirement.

There’s a catch, though – well, two catches. First, you can only contribute $5,500 a year (or $6,500 a year) to your Roth IRA. That’s the cap for now; it is sometimes adjusted upwards by an act of Congress.