It Came Up In Discussion The Other Day -- IRAs -- August 19, 2020

From SmartAsset:

For 2020, the maximum amount you can contribute to a Roth IRA is $6,000. You’re allowed to increase that to $7,000 if you’re age 50 or older. 

These same limits apply to traditional IRAs. And it’s also worth noting that this is a cumulative limit. If for some reason you have both a traditional and Roth IRA, your total contributions to both accounts can’t exceed the annual limit when combined. 

Unlike traditional IRAs, there’s no deadline for taking money from your Roth IRA. 

Traditional IRAs have required minimum distributions that must begin starting at age 72. 

With a Roth IRA, you can keep adding money to your account as long as you’re working and have earned income. And you can leave the money you’re investing in your Roth IRA for as long as you want so it can continue to grow. 

Withdrawals, from Investopedia:

You can withdraw Roth IRA contributions at any time, for any reason, without paying taxes or penalties. If you withdraw Roth IRA earnings before age 59½, a 10% penalty usually applies. Withdrawals before age 59½ from a traditional IRA trigger a 10% penalty tax, whether you withdraw contributions or earnings. In certain IRS-approved situations, you may take early withdrawals from an IRA with no penalty.

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Hearing Voices

True story. I have a niece one year older than Sophia, making my niece about seven years old.

One recent evening, her older brother, about 14 years old, I suppose, found an Alexa Echo in the trash. He asked his sister why Alexa was in the garbage. She replied, "It's haunted."

"What do you mean, it's haunted?" her brother asked.

"It talks to me."

LOL.

When I hear voices, I just take my meds.