I am wondering if I am overlooking something.... The IRS publications I have seen say that if you over contribute to a Roth IRA you will have to pay a 6% penalty on the excess contribution.

Assuming that I intend to leave the money in there for quite some time, is a 6% admission fee so much to pay to have tax free future earnings on interest, and tax free distributions later when my kids go to college, build a house, or I hit the magic 59 1/2? I am hoping to contribute a large sum and to continue getting a good return on my investments.