<prompt> Human: So after years of struggling financially, Im in a position to really focus on saving more for my retirement. Im about to open a Roth IRA, and I have considerably more than the 6,500.00 limit Im over 50 that I would like to put into this account.So as I understand it, I can legally contribute more than the limit but I will be taxed 6 of the excess - and I assume thats on top of whatever income tax I pay? Is that correct?  <response>: Your best option is likely to make a contribution for this year, keep next years contribution somewhere safe, and put the rest into a taxable brokerage account. 