Roth?

[Styx]

I opened a roth in 2006, so this year (last year) I tried to put the max of and the bank said that this already mature and that i need to open another roth? Does not make senxe. So in 5 years I will have 5 diff. roth?

[drewshow]

This does not make sense. You should only need one and can fund it each year up to the max allowed. Below is some info I found via google.

Roth IRA Basics
Contributions
Not tax-deductible. Current limit is $2,000/year per person. That's the total you can contribute to all your IRAs, whether tradition or Roth.

Eligibility
You can make a full $2,000 contribution if your adjusted gross income is less than $95,000; benefits end when your AGI reaches $110,000 (individual). For married couples, the benefits are phased out at AGIs of $150,000 to $160,000. It doesn't matter whether or not you are covered by a retirement plan at work.

Early Withdrawals
Withdrawals made before you reach age 59 1/2 are subject to a 10% penalty. The only exceptions are if you become disabled or need money to buy your first home. There is a $10,000 lifetime limit on penalty-free withdrawals.

Converting An Existing IRA
If your adjusted gross income is less than $100,000, you can convert a traditional IRA into a Roth IRA. You must pay tax on the money in the account as if it were ordinary income. Make the switch during 1998 and you'll get a big tax break: you can pay the tax over the next four years.

[E_Wrecked]

sounds like what you have is more like a CD. Its been a few years since I've studied this stuff but, Roth's are a loooong term thing. they do well hence the cap on the amount you can put in. I think the limit has been raised to a little over 2 grand

I think education expenses are included in the "exempt" category along with the purchase of your first home. I may be wrong though

Doesnt sound like a ROTH either that or the Advisor is stupid and misinformed you in some way

[the green monster]

Contribution amounts have actually been increased to 4,000 (5,000 if you are 50+)

Can You Contribute to a Roth IRA?
Generally, you can contribute to a Roth IRA if you have taxable compensation (defined later) and your modified AGI (defined later) is less than:

$160,000 ($166,000 for 2007) for married filing jointly or qualifying widow(er),

$10,000 for married filing separately and you lived with your spouse at any time during the year, and

$110,000 ($114,000 for 2007) for single, head of household, or married filing separately and you did not live with your spouse at any time during the year.

[TN TITAN Fan In STL]

The annual dollar limit is:

2006..... $4000

2007..... $4000

2008..... $5000

For those 50 and over before the close of the taxable year, the following annual limit applies:

2006..... $5000

2007..... $5000

2008..... $6000

After 2008, the contribution is to be adjusted for cost-of-living increases.

[actionsportscentral]

What you have a Roth IRA with a bank, which they invest in a certificate (like a CD). They do require that you keep them all separate, since they all have different maturity dates.

I'd say get your Roth(s) away from the bank and invest in a mutual fund somewhere like Fidelity or T Rowe Price. You'll get more growth there as well - you don't HAVE to use your bank for this.