Retirement and 401(k)

Contributing to a Roth IRA in a Low-Income Year

Rodney Brooks
May 8, 2020

There's not much good news in today's coronavirus-induced economic calamity, between mass layoffs, furloughs and salary reductions, temporary or otherwise. Millions of Americans are likely to end the year with a reduced income. But a crisis sometimes offers opportunities. For those who are financially able, a low income year offers a unique option to save in a Roth IRA and pay a low tax rate on your contributions.

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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