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What is a ROTH IRA & why to consider one for your retirement planning strategy?

A Roth IRA is an individual retirement account that allows you to save money for retirement on a tax-free basis. 

Contributions to a Roth IRA are made with after-tax dollars, but the money grows tax-free and withdrawals in retirement are also tax-free. This means you can potentially avoid paying taxes on your retirement savings, which can result in significant tax savings. 

The earnings on your investments grow tax-free and can be withdrawn tax-free after age 59½, as long as the account has been open for at least five years. You pay taxes on money going into your Roth IRA, and then all future withdrawals are tax-free1.

Additionally, Roth IRAs generally have fewer restrictions and more flexibility than traditional IRAs, making them an attractive option for retirement planning.

When considering a Roth for your retirement planning, some key questions to ask yourself are:

1. How much can I contribute to a Roth IRA each year?

2. What are the income limits for contributing to a Roth IRA?

3. Are there any tax benefits to a Roth IRA?

4. How can I access my Roth IRA funds without penalty?

5. What are the different types of investments available in a Roth IRA?

6. Are there any other costs associated with a Roth IRA?

Download it today or give us a call to discuss you retirement planning strategies.  You'll be glad you  did. Here is an important retirement planning checklist curtosity of the Alliance for Lifetime Income.  

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