Core Insights - The article emphasizes the importance of utilizing retirement accounts, particularly highlighting the tax advantages they provide for retirement savings [1] Retirement Accounts Overview - Retirement accounts such as 401(k) and traditional IRA offer upfront tax breaks, allowing individuals to lower their taxable income for the year [2] - Roth IRA contributions are made with after-tax money, enabling tax-free withdrawals during retirement [2] Common Myths about Roth IRA - Myth 1: Employment is necessary to open a Roth IRA; in reality, contributions can be made at any time from earned income, regardless of employment status [5][6] - Myth 2: Withdrawals from a Roth IRA must wait until retirement; contributions can be withdrawn at any time without penalties, although earnings cannot be accessed without penalties until certain conditions are met [7][8] Withdrawal Rules - Roth IRAs allow tax-free withdrawals in retirement, and contributions can be withdrawn at any time without penalties [9] - After reaching 59-1/2 years old and having made the first contribution at least five years prior, individuals can withdraw earnings tax-free and without penalties [10]

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. I am 48 years old. I made $310,000 last year and I currently have $546,000 in my retirement plan at work. My husband is on disability and doesn’t work and does not have a 401(k) plan. I wanted to open a Roth IRA but I read that I make too much money. What options do I have to save more money for retirement? I’m debt-free except for my mortgage, which I’m trying to get rid of in the next two years before my ...