RetirePath Virginia is an automatic-enrollment, state-facilitated retirement savings program. Contributions default to a Roth individual retirement account (IRA), which offers tax advantages.
A Roth IRA is a type of individual retirement account that’s funded with after-tax money. It’s important to understand Roth income limits and savings limits set by the federal government. Visit the Internal Revenue Service (IRS) website for more details on Roth IRAs.
Savers have the option to recharacterize their contributions to a traditional IRA using the Recharacterization Form.