Are You Falling for These 5 Roth IRA Myths?

Debunking these myths can show how powerful a Roth IRA can truly be. Below are five common Roth IRA myths that we're going to debunk to help clear up any confusion you may have. For example, let's say you contributed $10,000 to your Roth IRA and the balance has grown to $12,000. Myth 5: High earners can't have a Roth IRAThere are income limits to be eligible to contribute to a Roth IRA. You can still do so via the backdoor method, which involves contributing to a traditional IRA (which doesn't have income limits) and then converting the account into a Roth IRA.