There are plenty of benefits to saving for retirement in a Roth IRA. For one thing, investment gains in a Roth IRA are yours to enjoy tax-free. So if you contribute $100,000 to your Roth IRA over time and your balance grows to $1 million, you get to walk away with $900,000 in gains without owing the IRS a dime.

Roth IRA withdrawals are also tax-free in retirement. And at a time in your life when you're on a fixed income, not having to pay taxes on withdrawals really helps.

Roth IRAs also don't force savers to spend down their savings in the form of required minimum distributions (RMDs). This means that if you want the option to leave some of your retirement savings behind to your heirs, a Roth IRA could make that possible.

There's a hiccup you might encounter on the road to funding a Roth IRA, though. These accounts limit higher earners from making contributions.

Next year, however, the Roth IRA income limits are rising. So even if you weren't eligible to fund a Roth IRA in 2023, you may be able to contribute in the new year.

The new Roth IRA income limits

Right now, the income phase-out range for single tax-filers for making contributions to a Roth IRA is between $138,000 and $153,000. In other words, singles earning more than $153,000 can't contribute anything to a Roth IRA in 2023. Those earning more than $138,000 but less than $153,000 can make a partial contribution.

Next year, that range is rising to $146,000 to $161,000. So let's say you earn $155,000 now and your income doesn't change in 2024. That means you can make a contribution to a Roth IRA in 2024 -- just not a full one.

Meanwhile, right now, the income phase-out range for married couples filing jointly for making contributions to a Roth IRA is between $218,000 and $228,000. In 2024, it's rising to $230,000 to $240,000.

What if you still can't contribute to a Roth IRA in 2024?

Thanks to rising income limits, more savers might have the option to contribute to a Roth IRA in the new year. But even if your earnings still exceed the aforementioned limits, you still have options.

First, you could contribute to a traditional IRA and do a Roth IRA conversion after the fact. Secondly, if you have access to a 401(k) plan through your job, you could see if there's a Roth savings option attached to it.

It used to be that Roth IRAs had a distinct advantage over Roth 401(k)s -- they were the only plan of their kind to not impose RMDs. But starting in 2024, Roth 401(k)s will stop imposing RMDs on savers. And, there are no income limits associated with Roth 401(k)s.

Plus, the annual contribution limit for 401(k)s, Roth versions included, is higher than it is for IRAs. So if you're someone with a high enough income to be barred from Roth IRA contributions, it means you may want the option to sock away more funds for retirement. A Roth 401(k) could be your ticket to doing just that.

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