Roth IRAs are a great tool to help fund your retirement plan. Like many other tools, a ROTH IRA has attractive features and limitations. How to use these features to one’s advantage requires financial planning and some helpful advice from William Bevins CFP®, an experienced fiduciary advisor.
What is a Roth-IRA
The primary difference between Roth IRAs and traditional IRAs is their respective tax treatment. A Roth IRA is an individual retirement account that provides tax benefits after you contribute your post-tax income. With a Roth IRA, you can enjoy the potential of consistent tax-free growth and withdrawals after age 59½ if your account has been open for at least five years. This is one of the most attractive advantages that come with using this type of retirement plan. Put simply, you pay taxes on the money entering your Roth IRA up front, and then all future withdrawals are free of any taxation.
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