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I am over 50 - Motley Fool said I could contribute $ 6000 plus $ 1000 for a total of $ 7000. because I am over 50 years old. Fido said NO. Anybody else have any comments or knowledge of the subject.
This is what I see. Fidelity may have given you incorrect information. It does mention income limits. Could that be it?
The Roth IRA contribution limit is $6,000 for 2019, up from $5,500 in 2018. Retirement savers 50 and older can contribute an extra $1,000. Income limits apply. Retirement savers have yet another reason to celebrate the Roth IRA: The maximum amount that can be contributed to a Roth in 2019 has been increased by $500. Jun 11, 2019
@Gary This may not apply to you; but perhaps for whomever.................. If a spouse is not working, the other spouse may provide funding to a spousal Roth, etc. The link below also provides contribution limits, and other info. See this IRS page.
@Gary, Please see the IRS link provided above. Roth IRA contribution limit for 2019 is $6,000. For those who are over 50, an additional $1,000 is allowed as catch-up.
For 2020, Roth IRA contribution limit remained unchange.
If in doubt, the best is check with the original source - IRS.
Comments
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
The Roth IRA contribution limit is $6,000 for 2019, up from $5,500 in 2018. Retirement savers 50 and older can contribute an extra $1,000. Income limits apply. Retirement savers have yet another reason to celebrate the Roth IRA: The maximum amount that can be contributed to a Roth in 2019 has been increased by $500. Jun 11, 2019
This may not apply to you; but perhaps for whomever..................
If a spouse is not working, the other spouse may provide funding to a spousal Roth, etc.
The link below also provides contribution limits, and other info.
See this IRS page.
For 2020, Roth IRA contribution limit remained unchange.
If in doubt, the best is check with the original source - IRS.